Month-over-Month Changes

In September 2023, the Sunnyvale real estate market experienced several changes compared to August 2023:

  • Homes Sold: 37 homes were sold, marking a 23% decrease from 48 sales the previous month.
  • Median Sale Price: Increased by 13% from $2,132,500 in August 2023 to $2,400,000 in September 2023.
  • Days on Market (DOM): Rose to 9 days from 7 days in August 2023.
  • Percentage of List Price Received: Sellers received 107% of their asking price.

Analysis

The month-over-month data indicates a contraction in the number of homes sold, suggesting a potential cooling in the market. Despite this, the increase in the Median Sale Price and sellers receiving above their asking price indicates a market that remains favorable for sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Decreased by 12%, from 42 to 37.
  • Homes Listed: Increased by 9%, from 43 to 47.
  • Median Sale Price: Increased from $2.01M to $2.4M.
  • Median Days on Market: Decreased from 12 to 9.
  • Percentage of List Price Received: Increased from 104% to 107%.
  • Months of Inventory: Decreased from 1.0 to 0.5.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in homes listed and sale prices. The faster sales cycle and higher percentage of list price received suggest a seller’s market with tight inventory but high demand.

Price Points and Quadrants

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

  • Top Quadrant: 10 homes sold, Median Sale Price: $2,977,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,431.
  • Second Quadrant: 9 homes sold, Median Sale Price: $2,515,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,488.
  • Third Quadrant: 9 homes sold, Median Sale Price: $2,200,000, Median DOM: 25, Avg. $/Sq.Ft.: $1,237.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $1,782,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,271.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Sunnyvale market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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