Month-over-Month Changes

April 2024 observed notable fluctuations in Cupertino’s real estate market compared to March 2024:

  • Homes Sold: Sales increased significantly, with 38 homes sold, marking a 73% increase from 22 sales the previous month.
  • Median Sale Price: There was a decrease of 5%, from $3,594,000 in March to $3,405,000 in April.
  • Days on Market (DOM): Remained stable at 7 days.
  • Percentage of List Price Received: Sellers received 110% of their asking price, improving from 109% in March.

Analysis

The month-over-month statistics suggest a robust resurgence in market activity with an impressive increase in sales volume, though the drop in median sale price could indicate a slight adjustment in market valuations. The consistent DOM and high percentage of list price received reflect a competitive market environment where demand remains strong.

Year-over-Year Comparison

When comparing April 2024 to April 2023, the market shows significant growth:

  • Homes Sold: Increased by 192%, from 13 to 38 homes sold.
  • Homes Listed: Rose from 19 to 34 listings.
  • Median Sale Price: Ascended from $2.83 million to $3.41 million.
  • Days on Market: Remained consistent at 7 days.
  • Percentage of List Price Received: Grew from 106% to 110%.
  • Months of Inventory: Decreased from 1.1 months to 0.8 months.

Analysis

Year-over-year trends underscore a robust market expansion, with substantial increases in both sales and listings, alongside rising prices. The unchanged DOM and increased list price percentage indicate sustained and possibly growing buyer competition, despite higher inventory.

Price Points and Quadrants

The data for April 2024 shows how different market segments performed:

  • Top Quadrant: 10 homes sold, Median Sale Price: $3,905,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,375.
  • Second Quadrant: 10 homes sold, Median Sale Price: $3,525,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,691.
  • Third Quadrant: 9 homes sold, Median Sale Price: $3,268,800, Median DOM: 8, Avg. $/Sq.Ft.: $1,625.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $2,700,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,768.

Analysis

Across all quadrants, the market is vibrant with active sales. The highest-priced homes are moving slightly slower than mid-priced ones, which could indicate more aggressive pricing or less competition at the top end of the market. The bottom quadrant, while less expensive, shows competitive average dollar per square foot rates, suggesting a healthy buyer interest across all price points.

Conclusion

The Cupertino real estate market in April 2024 displayed a mix of vigorous activity and pricing dynamics. While sales volumes increased dramatically both month-over-month and year-over-year, the median sale price experienced a slight month-over-month decrease. The consistently high percentages of list price received and stable days on market highlight a seller’s market with strong buyer demand. Insight from quadrant data reveals a broad-based appeal across different housing price tiers, affirming a robust market conducive for both sellers and buyers.

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