Month-over-Month Changes

In December 2023, the Cupertino real estate market experienced several notable changes compared to November 2023:

  • Homes Sold: There was a decrease in homes sold, with 16 homes sold in December 2023, down 11% from 18 sales in November 2023.
  • Median Sale Price: The median sale price decreased by 16%, from $3,159,444 in November 2023 to $2,669,000 in December 2023.
  • Days on Market (DOM): The DOM increased to 12 days in December 2023, up from 8 days in November 2023.
  • Percentage of List Price Received: Sellers received an average of 101% of their asking price in December 2023, a decrease from 107% in November 2023.

Analysis:

The month-over-month data suggests a cooling trend in the Cupertino market, with a decrease in the number of homes sold and a reduction in the median sale price. The increase in DOM and the decrease in the percentage of list price received further indicate a shift towards a more balanced market.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Cupertino market showed the following changes:

  • Homes Sold: Increased by 60%, from 10 homes sold in December 2022 to 16 in December 2023.
  • Median Sale Price: Rose from $2.45M in December 2022 to $2.67M in December 2023.
  • Days on Market: Increased from 11 days in December 2022 to 12 days in December 2023.
  • Percentage of List Price Received: Slightly decreased from 102% in December 2022 to 101% in December 2023.

Analysis:

Year-over-year, the Cupertino market has seen a significant increase in the number of homes sold, indicating a robust demand. The rise in median sale price suggests a continued appreciation in property values. However, the slight increase in DOM and the small decrease in the percentage of list price received may signal a gradual shift towards a more buyer-friendly market.

Price Points and Quadrants

The sales details for December 2023 in Cupertino were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $4,163,889, Median DOM: 40, Avg. $/Sq.Ft.: $1,253.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,905,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,666.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,581,094, Median DOM: 10, Avg. $/Sq.Ft.: $1,829.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,950,000, Median DOM: 24, Avg. $/Sq.Ft.: $1,582.

Analysis:

The quadrant data indicates a balanced activity across all price ranges in Cupertino. The top quadrant, with the highest median sale price, experienced the longest DOM, suggesting a more selective buyer pool for high-end properties. The second and third quadrants showed quicker sales, indicating strong demand in the mid-price range. The bottom quadrant, despite having the lowest median sale price, also experienced a longer DOM, possibly due to specific market dynamics in this segment.

Conclusion

The Cupertino real estate market in December 2023 demonstrated a mix of trends. The decrease in homes sold month-over-month, coupled with a decrease in median sale price, suggests a cooling phase. However, the year-over-year increase in sales volume and median sale price indicates long-term market strength. The quadrant analysis provides insights for both buyers and sellers, highlighting the competitive nature of the mid-priced market segments.

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