Month-over-Month Changes

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

  • Homes Sold: There was a 26% decrease in homes sold, from 31 sales in November to 23 in December.
  • Median Sale Price: The median sale price decreased by 19%, from $2,360,000 in November to $1,900,000 in December.
  • Days on Market (DOM): The DOM increased to 10 days in December, up from 7 days in November.
  • Percentage of List Price Received: Sellers received 107% of their asking price in December, a slight decrease from 110% in November.

Analysis

The month-over-month data indicates a cooling in the Sunnyvale market, with fewer homes sold and a significant drop in median sale prices. The increase in DOM and a slight decrease in the percentage of list price received suggest a shift towards a more balanced market.

Year-over-Year Comparison

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

  • Homes Sold: A decrease of 8% in homes sold (from 25 in December 2022 to 23 in December 2023).
  • Median Sale Price: A decrease from $2.01M in December 2022 to $1.90M in December 2023.
  • Days on Market: An increase from 9 days in December 2022 to 10 days in December 2023.
  • Percentage of List Price Received: An increase from 102% in December 2022 to 107% in December 2023.

Analysis

Year-over-year, the Sunnyvale market shows a decrease in the number of homes sold and a slight decrease in median sale prices. However, the increase in the percentage of list price received indicates continued strong demand.

Price Points and Quadrants

The December 2023 sales data for Sunnyvale is broken down by quadrants as follows:

  • Top Quadrant: 6 homes sold, Median Sale Price: $2,892,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,517.
  • Second Quadrant: 6 homes sold, Median Sale Price: $2,200,500, Median DOM: 11, Avg. $/Sq.Ft.: $1,379.
  • Third Quadrant: 6 homes sold, Median Sale Price: $1,770,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,211.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,390,000, Median DOM: 18, Avg. $/Sq.Ft.: $1,171.

Analysis

The quadrant data reveals that while all segments of the market are active, the top quadrant has the highest median sale price and a relatively low median DOM, indicating strong demand for higher-priced homes. The bottom quadrant, while active, shows longer DOM and lower prices, suggesting a different market dynamic in this segment.

Conclusion

The Sunnyvale market in December 2023 demonstrated a decrease in the number of homes sold and a decrease in median sale prices compared to the previous month and year. The market is showing signs of balancing, with a slight shift towards buyers. However, the strong percentage of list price received and the active top quadrant indicate continued interest in higher-priced properties.

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