Month-over-Month Changes

In August 2023, the Sunnyvale real estate market exhibited the following changes compared to July 2023:

  • Homes Sold: 46 homes were sold, marking a 2% increase from 45 sales the previous month.
  • Median Sale Price: Decreased by 6% from $2,272,000 in July 2023 to $2,145,000 in August 2023.
  • Days on Market (DOM): Dropped to 8 days from 9 days in July 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold increased slightly, the median sale price saw a decrease. The Days on Market remained relatively stable, suggesting that homes are still moving quickly.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 21%, from 38 to 46.
  • Homes Listed: Decreased by 2%, from 46 to 45.
  • Median Sale Price: Increased from $2.03M to $2.15M.
  • Median Days on Market: Decreased from 19 to 8.
  • Percentage of List Price Received: Increased from 99% to 107%.
  • Months of Inventory: Decreased from 0.9 to 0.3.

Analysis

Year-over-year, the market has seen an increase in the number of homes sold and a significant decrease in the Days on Market. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 12 homes sold, Median Sale Price: $2,869,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,489.
  • Second Quadrant: 12 homes sold, Median Sale Price: $2,532,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,435.
  • Third Quadrant: 11 homes sold, Median Sale Price: $1,960,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,511.
  • Bottom Quadrant: 11 homes sold, Median Sale Price: $1,350,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,140.

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 August 2023 showed an increase in homes sold compared to the previous month and a decrease 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.