Month-over-Month Changes

In October 2023, the Sunnyvale real estate market exhibited the following changes compared to September 2023:

  • Homes Sold: A total of 38 homes were sold, maintaining the same sales count as the previous month.
  • Median Sale Price: There was a 4% increase in the median sale price, rising from $2,394,444 in September 2023 to $2,500,000 in October 2023.
  • Days on Market (DOM): The DOM decreased to 8 days in October 2023, down from 9 days in September 2023.
  • Percentage of List Price Received: Sellers received an average of 113% of their asking price in October 2023, an increase from 107% in September 2023.

Analysis

The Sunnyvale market in October 2023 showed stability in the number of homes sold, with a notable increase in the median sale price. The decrease in DOM and the significant percentage over the asking price received by sellers indicate a robust seller’s market, with high demand and competitive pricing.

Year-over-Year Comparison

Comparing October 2023 to October 2022, we observe the following:

  • Homes Sold: Increased by 6%, from 36 to 38 homes.
  • Median Sale Price: Rose by 5%, from $2.38M in October 2022 to $2.50M in October 2023.
  • Days on Market: Decreased from 10 days in October 2022 to 8 days in October 2023.
  • Percentage of List Price Received: Increased significantly from 102% in October 2022 to 113% in October 2023.

Analysis

Year-over-year, the Sunnyvale market has experienced an increase in the number of homes sold and a notable rise in the median sale price. The faster sales cycle and higher percentage of list price received suggest a continuing strong market favoring sellers, with properties selling quickly and often above the asking price.

Price Points and Quadrants

The sales details for October 2023 were broken down by quadrants:

  • Top Quadrant: Median Sale Price: $2,900,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,416.
  • Second Quadrant: Median Sale Price: $2,627,248, Median DOM: 8, Avg. $/Sq.Ft.: $1,376.
  • Third Quadrant: Median Sale Price: $2,350,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,430.
  • Bottom Quadrant: Median Sale Price: $1,390,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,182.

Analysis

The data indicates that homes in all quadrants are selling well, with the top quadrant showing the highest median sale price and a rapid sales cycle. This suggests a diverse market with strong demand across various price points, particularly in the higher-end segments.

Conclusion

The Sunnyvale market in October 2023 demonstrated a stable number of homes sold compared to the previous month, with an increase in median sale price and a decrease in DOM year-over-year. The market conditions favor sellers, with properties selling quickly and often above the asking price. The quadrant data highlights a robust market across different price ranges, offering insights for both buyers and sellers.

Data provided by MLSListings and is deemed reliable but not guaranteed.