Month-over-Month Changes

In April 2024, the Sunnyvale real estate market showed significant activity compared to March 2024. The following are the month-over-month changes observed:

  • Homes Sold: There was a notable increase in the number of homes sold, with 47 homes sold in April, up by 31% from the 36 homes sold in March 2024.
  • Median Sale Price: The median sale price saw a substantial rise, climbing 13% from $2,390,000 in March to $2,702,945 in April 2024.
  • Days on Market (DOM): The DOM increased slightly from 7 days in March to 8 days in April 2024.
  • Percentage of List Price Received: Sellers in Sunnyvale received 116% of their asking price in April, up from 114% in March 2024.

Analysis

The Sunnyvale real estate market has demonstrated robust activity in April, with a significant rise in the number of homes sold and an increase in the median sale price. This suggests a heightened demand for housing in the area, leading to faster sales and higher prices, reflecting a strong seller’s market.

Year-over-Year Comparison

When comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: The number of homes sold remained steady at 47 for both years, indicating stable market activity.
  • Homes Listed: The number of homes listed increased from 59 in April 2023 to 72 in April 2024.
  • Median Sale Price: There was a significant rise in the median sale price, increasing from $2.25M in April 2023 to $2.70M in April 2024.
  • Average Dollar per Square Foot: The average price per square foot increased by 18%, from $1353 in April 2023 to $1601 in April 2024.
  • Days on Market (DOM): The DOM slightly increased from 7 days in April 2023 to 8 days in April 2024.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, increasing from 108% in April 2023 to 116% in April 2024.
  • Months of Inventory: The months of inventory remained consistent at 0.7 for both years.

Analysis

The year-over-year comparison indicates a significant increase in the median sale price and the average dollar per square foot, suggesting a strong appreciation in property values. The consistent number of homes sold and the increase in homes listed highlight a growing demand for properties in Sunnyvale. The rise in the percentage of the list price received further reinforces the competitive nature of the market.

Price Points and Quadrants

The sales data for April 2024 were broken down by quadrants, revealing the following insights:

  • Top Quadrant: 12 homes were sold in this price range, with a median sale price of $3,430,000 and a median DOM of 7 days. The average price per square foot was $1,706.
  • Second Quadrant: 12 homes sold with a median sale price of $2,879,000. The median DOM was 9 days, and the average price per square foot was $1,652.
  • Third Quadrant: 12 homes were sold with a median sale price of $2,379,000. The median DOM was 8 days, and the average price per square foot was $1,524.
  • Bottom Quadrant: 11 homes sold with a median sale price of $1,750,000. The median DOM was 9 days, and the average price per square foot was $1,369.

Analysis

The data indicates that higher-priced homes in the top and second quadrants are moving quickly, with lower days on market and higher average prices per square foot. This suggests a strong demand for luxury properties in Sunnyvale. The third and bottom quadrants also show significant activity, highlighting a broad range of price points appealing to buyers across different market segments.

Conclusion

The Sunnyvale real estate market in April 2024 exhibited a dynamic landscape with a significant increase in homes sold, median sale prices, and average prices per square foot compared to the previous month and year. The quadrant analysis reveals that the higher-priced segments are particularly active, indicating a strong demand for upscale properties. This data provides valuable insights for both buyers and sellers, demonstrating the competitive nature of the market and the potential for property value appreciation.

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