Month-over-Month Changes

In September 2023, the Cupertino real estate market exhibited the following changes compared to August 2023:

  • Homes Sold: 22 homes were sold, showing no change from the previous month.
  • Median Sale Price: Increased by 9% from $3,050,000 in August 2023 to $3,310,000 in September 2023.
  • Days on Market (DOM): Dropped to 7 days from 8 days in August 2023.
  • Percentage of List Price Received: Sellers received 113% of their asking price, up from 112% in August 2023.

Analysis

The month-over-month data shows a stable market in terms of the number of homes sold. However, the increase in the median sale price and sellers receiving more than their asking price indicate a market favorable to sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Increased by 16%, from 19 to 22.
  • Homes Listed: Increased by 19%, from 16 to 19.
  • Median Sale Price: Increased from $2.79M to $3.31M.
  • Median Days on Market: Decreased by 53%, from 15 to 7.
  • Percentage of List Price Received: Increased from 100% to 113%.
  • Months of Inventory: Decreased from 1.0 to 0.8.
  • Average Dollar per Sq. Ft.: Increased from $1,346 to $1,569.

Analysis

Year-over-year, the Cupertino market has seen an increase in both the number of homes sold and listed. The significant increase in sale prices and a faster sales cycle suggest a seller’s market with high demand.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $3,687,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,429.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,526,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,404.
  • Third Quadrant: 5 homes sold, Median Sale Price: $3,108,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,426.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $2,500,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,930.

Analysis

All quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that homes in the higher price ranges are moving quickly, indicating a strong market for sellers in these brackets.

Conclusion

The Cupertino market in September 2023 showed stability in the number of homes sold compared to the previous month but saw an increase in homes listed year-over-year. The increase in median sale price year-over-year and the decrease in DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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