Month-over-Month Changes

In September 2023, the Cupertino real estate market experienced several noteworthy changes compared to August 2023:

  • Homes Sold: 28 homes were sold, representing a 7% increase from 26 sales in the previous month.
  • Median Sale Price: The median sale price showed a significant rise, surging by 12% from $2,500,000 in August 2023 to $2,800,000 in September 2023.
  • Days on Market (DOM): The average days on market slightly increased to 10 days from 9 days in August 2023.
  • Percentage of List Price Received: Sellers achieved an impressive 105% of their asking price, up from 103% in August 2023.

Analysis

The month-over-month data suggests a thriving Cupertino real estate market. The increase in homes sold and the substantial rise in median sale price indicate strong buyer demand. Additionally, sellers continue to receive offers exceeding their asking price, reflecting a robust seller’s market in Cupertino.

Year-over-Year Comparison

When comparing September 2023 to September 2022, the following significant changes were observed:

  • Homes Sold: A notable 22% decrease, from 36 homes in September 2022 to 28 homes in September 2023.
  • Homes Listed: There was a 15% decrease in homes listed, declining from 33 to 28.
  • Median Sale Price: The median sale price saw a remarkable increase from $2,250,000 to $2,800,000, indicating a robust appreciation in property values.
  • Median Days on Market: A substantial decrease from 18 days to 10 days, reflecting a faster sales cycle.
  • Percentage of List Price Received: Sellers received 105% of their asking price in September 2023, compared to 100% in September 2022.
  • Months of Inventory: Decreased from 0.9 to 0.7, indicating a continued seller’s market.

Analysis

The year-over-year data reveals a shift in the Cupertino real estate landscape. While there was a decrease in the number of homes sold and listed, there was a significant increase in median sale prices and a faster sales process. These trends highlight a seller’s market with limited inventory but strong buyer demand, ultimately driving up property values.

Price Points and Quadrants

The sales data for September 2023 can be categorized by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $3,500,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,200.
  • Second Quadrant: 8 homes sold, Median Sale Price: $2,800,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,350.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,200,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,100.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $1,800,000, Median DOM: 9, Avg. $/Sq.Ft.: $950.

Analysis

The quadrant data indicates that all segments of the market are active, but the top and second quadrants stand out with the highest activity. Homes in these price ranges are selling relatively quickly, showcasing a competitive market for sellers in these brackets.

Conclusion

The Cupertino real estate market for October 2023 demonstrates promising trends. While there was a decline in the number of homes sold year-over-year, the increase in median sale price and the swift sales cycle underline a robust seller’s market. The data by quadrants further emphasizes the competitiveness, especially in the higher-priced segments.

Data provided by MLSListings and is deemed reliable but not guaranteed.