Month-over-Month Changes

In January 2024, the Cupertino real estate market experienced significant shifts compared to December 2023:

  • Homes Sold: There was a decrease in homes sold, with 10 homes sold in January 2024, marking a 37% decrease from 16 sales in December 2023.
  • Median Sale Price: The median sale price saw an 8% decrease, moving from $2,669,000 in December 2023 to $2,465,000 in January 2024.
  • Days on Market (DOM): The DOM decreased to 10 days in January 2024 from 12 days in December 2023, indicating a slightly faster sales process.
  • Percentage of List Price Received: Sellers received 97% of their asking price in January 2024, a decrease from 101% in December 2023, suggesting a shift towards a more buyer-friendly market.

Analysis

The month-over-month data reveals a cooling market, with fewer homes sold and a decrease in the median sale price. The slight decrease in DOM and the percentage of list price received indicate that while the market is adjusting, properties that are priced correctly are still moving relatively quickly.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the Cupertino market shows notable changes:

  • Homes Sold: Increased by 43%, from 7 in January 2023 to 10 in January 2024.
  • Homes Listed: Saw a significant increase, with 20 homes listed in January 2024 compared to 9 in January 2023.
  • Median Sale Price: Slightly increased from $2.45M in January 2023 to $2.47M in January 2024.
  • Days on Market: Remained stable at 10 days, indicating a consistent pace in the sales process.
  • Percentage of List Price Received: There was a decrease from 101% in January 2023 to 97% in January 2024, reflecting a slight shift in market dynamics.
  • Months of Inventory: Increased from 0.8 in January 2023 to 1.0 in January 2024, indicating a slight increase in available inventory.

Analysis

Year-over-year, the Cupertino market has seen growth in the number of homes sold and listed, with a stable sales pace. The slight increase in median sale price and inventory suggests a balanced market dynamic, beneficial for both buyers and sellers.

Price Points and Quadrants

The January 2024 sales data for Cupertino is broken down by quadrants, highlighting market activity across different price points:

  • Top Quadrant: 3 homes sold, Median Sale Price: $3,200,000, Median DOM: 43, Avg. $/Sq.Ft.: $1,954.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,730,000, Median DOM: 7, Avg. $/Sq.Ft.: $2,213.
  • Third Quadrant: 2 homes sold, Median Sale Price: $2,099,500, Median DOM: 24, Avg. $/Sq.Ft.: $1,619.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $2,005,000, Median DOM: 15, Avg. $/Sq.Ft.: $1,377.

Analysis

The distribution of sales across the quadrants indicates a diverse market, with activity at various price points. The top and second quadrants show robust sales, suggesting a strong demand for higher-priced properties. The quicker DOM in these quadrants also indicates a competitive market for premium homes.

Conclusion

The Cupertino real estate market in January 2024 demonstrated a shift with a decrease in homes sold and median sale price month-over-month but showed growth in sales volume year-over-year. The market dynamics indicate a balanced environment, with opportunities for both buyers and sellers across different price segments. The detailed quadrant analysis provides insights into where the market is most active, highlighting the continued demand for higher-priced homes.

Data provided by MLS Listings and is deemed reliable but not guaranteed.