Month-over-Month Changes

In November 2023, the Sunnyvale real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a 22% decrease in homes sold, dropping from 40 sales in October to 31 sales in November.
  • Median Sale Price: The median sale price decreased by 6%, from $2,500,000 in October to $2,360,000 in November.
  • Days on Market (DOM): The DOM decreased slightly, from 8 days in October to 7 days in November.
  • Percentage of List Price Received: Sellers received 110% of their asking price in November, a decrease from 113% in October.

Analysis

The month-over-month data indicates a cooling in the Sunnyvale market, with fewer homes sold and a decrease in the median sale price. However, the market remains competitive, as evidenced by the high percentage of list price received and the low DOM.

Year-over-Year Comparison

Comparing November 2023 to November 2022, we observe the following changes:

  • Homes Sold: Decreased by 18%, from 38 in November 2022 to 31 in November 2023.
  • Median Sale Price: Increased from $2.20M in November 2022 to $2.36M in November 2023.
  • Days on Market: Decreased slightly from 8 days in November 2022 to 7 days in November 2023.
  • Percentage of List Price Received: Increased from 105% in November 2022 to 110% in November 2023.

Analysis

Year-over-year, the Sunnyvale market has seen a decrease in the number of homes sold but an increase in the median sale price and the percentage of list price received. This suggests a market where demand remains strong despite a lower volume of sales.

Price Points and Quadrants

The sales details for November 2023 in Sunnyvale were broken down by quadrants:

  • Top Quadrant: Median Sale Price: $3,215,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,387.
  • Second Quadrant: Median Sale Price: $2,530,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,644.
  • Third Quadrant: Median Sale Price: $2,075,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,463.
  • Bottom Quadrant: Median Sale Price: $1,425,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,268.

Analysis

The data shows activity across all quadrants, with the top and second quadrants experiencing higher median sale prices and competitive average dollars per square foot. This indicates a robust market for higher-priced homes in Sunnyvale.

Conclusion

The Sunnyvale market in November 2023 showed a decrease in homes sold compared to the previous month and year-over-year. However, the increase in median sale price and the high percentage of list price received 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 MLS Listings and is deemed reliable but not guaranteed.