Month-over-Month Changes

In August 2023, Cupertino’s real estate market showed some noteworthy changes compared to July 2023. A total of 22 homes were sold, marking a 5% increase from the 21 sales in the previous month. The Days on Market (DOM) dropped to 8 from 12 in July 2023. Interestingly, the Median Sale Price remained stable, showing no significant change. Sellers received an average of 112% of their asking price, up from 107% in July 2023.

Surface Level Analysis

The month-over-month increase in homes sold and the decrease in DOM indicate a market that is heating up. Sellers are benefiting from this competitive environment, receiving more than their asking price. The stable Median Sale Price suggests that while the market is active, it’s not necessarily becoming more expensive.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 37%, from 35 to 22.
  • Homes Listed: Decreased by 10%, from 29 to 26.
  • Median Sale Price: Increased by 13%, from $2.70M to $3.05M.
  • Average Dollar per Square Foot: Increased by 14%, from $1514 to $1719.
  • Median Days on Market: Decreased by 33%, from 12 to 8.
  • Percentage of List Price Received: Increased from 102% to 112%.
  • Months of Inventory: Decreased by 22%, from 0.9 to 0.7.

Surface Level Analysis

The year-over-year data reveals a market that has become more competitive for buyers but potentially less active in terms of volume. The significant drop in the number of homes sold and listed suggests a tighter inventory, which is corroborated by the decrease in months of inventory.

Price Points and Quadrants

The August 2023 sales details were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $4,232,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,526.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,135,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,593.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,885,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,626.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $2,350,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,981.

Surface Level Analysis

The data by quadrants reveals that the top and second quadrants are the most active, with 6 homes sold in each. Interestingly, the bottom quadrant has the highest average price per square foot, suggesting that smaller, more affordable homes are selling at a premium.

Conclusion

The Cupertino market in August 2023 showed a mixed bag of trends. While the market seems to be favoring sellers, with properties selling quickly and above the asking price, the decrease in the number of homes sold and listed year-over-year could be a concern for buyers looking for options. The breakdown by quadrants offers valuable insights into which segments of the market are most active, helping both buyers and sellers make informed decisions.

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