Month-over-Month Changes

January 2024 showcased a series of developments in Sunnyvale’s housing market:

  • Homes Sold: The market saw a minor decrease in homes sold, dropping from 23 in December 2023 to 22 in January 2024, a 4% decline.
  • Median Sale Price: There was a significant increase in the median sale price, from $1,900,000 in December 2023 to $2,377,500 in January 2024, marking a 25% rise.
  • Days on Market (DOM): The DOM decreased, moving from 10 days in December 2023 to 8 days in January 2024, indicating a quicker turnover.
  • Percentage of List Price Received: Sellers received on average 107% of their asking price, showcasing strong buyer competition.

Analysis

The month-over-month data suggests a competitive market, with prices increasing substantially despite a slight drop in the number of homes sold. The decrease in DOM and the high percentage of list price received indicate that demand remains robust, with buyers willing to pay premium prices for desirable properties.

Year-over-Year Comparison

The year-over-year changes provide a broader perspective on the market’s evolution:

  • Homes Sold: There was a significant increase in the number of homes sold, up 22% from 18 in January 2023 to 22 in January 2024.
  • Homes Listed: The number of homes listed increased slightly from 38 in January 2023 to 39 in January 2024.
  • Median Sale Price: The median sale price rose from $2.18M in January 2023 to $2.38M in January 2024, an increase of approximately 9%.
  • Days on Market (DOM): The DOM saw a considerable reduction, from 13 days in January 2023 to 8 days in January 2024.
  • Percentage of List Price Received: The percentage of list price received by sellers improved from 99% in January 2023 to 107% in January 2024.

Analysis

Year-over-year, the Sunnyvale market has experienced growth in sales volume and an uptick in listing activity. The increase in median sale prices, coupled with a faster sales cycle, underscores a sustained demand for housing. The improvement in the percentage of list price received further highlights a market favorable to sellers.

Price Points and Quadrants

An analysis by price quadrants reveals:

  • Top Quadrant: 6 homes sold with a median sale price of $2,888,000, showcasing the high-end market’s vitality.
  • Second Quadrant: 6 homes sold at a median price of $2,459,500, indicating strong activity in the upper-middle market.
  • Third Quadrant: 5 homes moved at a median price of $2,100,000, reflecting the market’s solid mid-range segment.
  • Bottom Quadrant: 5 homes sold at a median price of $1,718,000, highlighting opportunities in the more accessible segment of the market.

Analysis

The balanced activity across all quadrants demonstrates a diversified market, with significant movements in both the high-end and more accessible segments. This distribution suggests a broad appeal of Sunnyvale’s market, catering to a wide range of buyer preferences and budgets.

Conclusion

The Sunnyvale real estate market in January 2024 illustrated a dynamic and competitive landscape, marked by a slight decrease in sales volume month-over-month but a significant increase in median sale prices. The year-over-year comparison reveals a market that is growing in both demand and value, with properties moving faster and at higher prices. The detailed breakdown by price quadrants further indicates a healthy market with diverse activity across various price points, ensuring Sunnyvale remains a sought-after location for many homebuyers.

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