Month-over-Month Changes

In February 2024, Cupertino’s real estate market experienced remarkable growth and activity compared to January 2024:

  • Homes Sold: There was a significant uptick in sales volume, with 14 homes sold, marking a 27% increase from 11 sales in January 2024.
  • Median Sale Price: The median sale price saw a healthy rise, with a 17% increase from $2,730,000 in January to $3,186,000 in February 2024.
  • Days on Market (DOM): Homes were sold much faster, with the DOM decreasing to 7 days in February from 11 days in January 2024.
  • Percentage of List Price Received: Sellers enjoyed more favorable terms, receiving an average of 113% of their asking price in February, a significant improvement from 97% in January.

Analysis

The month-over-month data for Cupertino indicates a dynamic and accelerating market. The increase in sales volume and median sale price, coupled with faster sales and sellers receiving a greater percentage of their asking price, underscores a robust demand and competitive environment, potentially driven by factors such as Cupertino’s strong tech industry presence.

Year-over-Year Comparison

Looking back from February 2023 to February 2024, the Cupertino real estate market has shown considerable growth:

  • Homes Sold: Doubled in volume, from 7 in February 2023 to 14 in February 2024, a 100% increase.
  • Median Sale Price: Rose substantially, with a 27% increase from $2.51M in February 2023 to $3.19M in February 2024.
  • Days on Market (DOM): Improved significantly, decreasing from 9 days in February 2023 to 7 days in February 2024.
  • Percentage of List Price Received: There was a marked improvement, from sellers receiving 97% of their asking price in February 2023 to 113% in February 2024.
  • Months of Inventory: Decreased from 1.6 in February 2023 to 1.2 in February 2024, indicating tighter market conditions.

Analysis

The year-over-year metrics illustrate a market that has not only grown in terms of transaction volume but also become much more competitive and favorable for sellers. The sharp increase in the percentage of list price received and the significant rise in median sale prices reflect strong buyer demand and a competitive housing market in Cupertino.

Price Points and Quadrants

The distribution of sales in February 2024 by quadrants provides insights into the market dynamics:

  • Top Quadrant: 4 homes sold, Median Sale Price: $3,790,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,560.
  • Second Quadrant: 4 homes sold, Median Sale Price: $3,370,000, Median DOM: 4, Avg. $/Sq.Ft.: $1,624.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,800,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,922.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $2,320,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,839.

Analysis

The quadrant data reveals a balanced market with activity across all price ranges. The top and second quadrants, featuring the highest sale prices, had the shortest DOM, indicating strong demand for higher-priced homes. This balanced distribution suggests a diversified market appeal, with significant buyer interest in properties across various price points.

Conclusion

Cupertino’s real estate market in February 2024 demonstrated remarkable strength and growth, with increased sales volume, higher median sale prices, faster sales, and sellers receiving more than their asking price. The year-over-year comparison further highlights the market’s robust demand and competitive nature. The detailed analysis by quadrants reveals a healthy distribution of sales across different price ranges, indicating a vibrant and attractive market for a wide range of buyers and sellers as we enter March 2024.

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