Month-over-Month Changes

In February 2024, the Sunnyvale real estate market witnessed some noteworthy changes compared to January 2024:

  • Homes Sold: There was a significant increase in homes sold, with 30 homes being sold in February, up by 36% from 22 sales in January.
  • Median Sale Price: The median sale price saw a slight decrease of 4%, dropping from $2,377,500 in January to $2,275,000 in February.
  • Days on Market (DOM): The days on market remained stable at 8, showing no change from January to February.
  • Percentage of List Price Received: Sellers received an average of 110% of their asking price in February, an improvement from 107% in January.

Analysis

The increase in the number of homes sold indicates a growing demand in the Sunnyvale market, possibly driven by buyers looking to capitalize on slightly lower prices. The stable days on market suggest that despite the decrease in median sale prices, properties are moving quickly, pointing towards a competitive market environment. Sellers gaining more than their asking price on average further signifies a strong market favoring sellers.

Year-over-Year Comparison

When comparing February 2024 to February 2023, the Sunnyvale market shows substantial shifts:

  • Homes Sold: Increased by 30%, from 23 homes sold in February 2023 to 30 in February 2024.
  • Median Sale Price: There was a 13% increase in the median sale price from $2.01M in February 2023 to $2.28M in February 2024.
  • Days on Market: The median days on market slightly decreased from 9 in February 2023 to 8 in February 2024.
  • Percentage of List Price Received: Sellers received 110% of their asking price in February 2024, up from 102% in February 2023.
  • Months of Inventory: Saw a significant reduction from 1.4 months in February 2023 to 0.7 months in February 2024, indicating tighter market conditions.

Analysis

The year-over-year data showcases a robust market with increased sales activity, higher sale prices, and quick property turnovers. The considerable drop in months of inventory combined with sellers receiving a higher percentage of their list price points towards a market that is becoming increasingly competitive and skewed in favor of sellers.

Price Points and Quadrants

February 2024 sales details by quadrants reveal the following:

  • Top Quadrant: Median Sale Price: $2,871,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,457.
  • Second Quadrant: Median Sale Price: $2,310,500; Median DOM: 11; Avg. $/Sq.Ft.: $1,467.
  • Third Quadrant: Median Sale Price: $2,071,013; Median DOM: 7; Avg. $/Sq.Ft.: $1,503.
  • Bottom Quadrant: Median Sale Price: $1,350,000; Median DOM: 11; Avg. $/Sq.Ft.: $1,151.

Analysis

The distribution of sales across different quadrants indicates a diversified market with varying levels of activity across different price points. The top quadrant, despite a longer DOM, showcases the highest sale prices, suggesting that premium properties continue to attract buyers willing to pay top dollar. The third quadrant, with the shortest DOM, highlights a brisk movement in the market, indicating strong demand for mid-range properties.

Conclusion

February 2024 marks a period of increased activity and rising prices in the Sunnyvale real estate market, with sellers enjoying advantageous conditions. The detailed breakdown by quadrants offers valuable insights for both buyers and sellers, emphasizing the competitive nature of the market across various price segments. As the market evolves, understanding these dynamics becomes crucial for making informed real estate decisions.

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