Month Over Month Changes

The Cupertino real estate market has seen some intriguing shifts from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A slight increase from 20 to 21 homes sold, marking a 5% growth.
  • Median Sale Price: A decrease of 4%, from $3,173,000 in June to $3,043,000 in July.
  • Days on Market (DOM): A rise to 12 from 8 in June, indicating a slightly slower market.
  • Percentage of List Price Received: Sellers received 107% of their asking price in July, up from 104% in June.

These figures suggest a market that is experiencing a slight increase in sales but a decrease in median sale price.

Year Over Year Changes

Comparing July 2023 to July 2022, the Cupertino market has seen the following year-over-year changes:

  • Homes Sold: 21 in both July 2023 and July 2022, no change.
  • Homes Listed: 26 in July 2023 vs. 35 in July 2022, down by 26%.
  • Median Sale Price: $3.04M in July 2023 vs. $2.73M in July 2022, an increase of 11%.
  • Average Dollar per Square Foot: $1502 in July 2023 vs. $1451 in July 2022, up by 4%.
  • Median Days on Market: 12 in July 2023 vs. 13 in July 2022, a decrease of 8%.
  • Months of Inventory: 0.9 in July 2023 vs. 1.4 in July 2022, a decrease of 36%.

The year-over-year data shows a trend towards a faster market with higher prices, but fewer listings.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Cupertino by quartile:

  • Top Quartile: 6 sold, Median Sale Price: $4,003,500, Median DOM: 19, Avg. $/Sq.Ft.: $1,341
  • Second Quartile: 5 sold, Median Sale Price: $3,098,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,555
  • Third Quartile: 5 sold, Median Sale Price: $2,760,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,678
  • Bottom Quartile: 5 sold, Median Sale Price: $2,500,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,176

This data reveals that properties across all quartiles are moving, with the top quartile experiencing the longest time on the market.

Conclusion

The Cupertino real estate market in July 2023 has shown mixed trends, with a slight increase in sales but a decrease in median sale price month over month. The market appears to be more balanced, with properties across all price points moving, but at a slightly slower pace.

The increase in the average dollar per square foot year over year indicates that quality properties are still in demand, and sellers are achieving good value. The decrease in months of inventory suggests a more competitive market for buyers. Both buyers and sellers must be aware of these trends to make informed decisions in this evolving market.

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