The news should not come as a surprise to anyone who has been watching the market in the past several months – Cupertino Home Sales show a healthy recovery from last year. In fact, according the statistic from MLS, the median sold price for homes in Cupertino area increased by 27%, up from $870,000 to $1,106,004. And the number of sold properties in November increased from 11 in November 2008 to 38 in November of 2009, a whapping 245% increase in sales.
There are many more signs showing the market strength:
- The number of pending sales (home under contract) increase from 20 homes in 2008 to 41 homes this November. A 105% increase in sales activities!
- The number of new listings decline from 47 homes in 2008 to 32 homes this year. The new listings represent the supply of inventory to the market.
- The months supply of inventory decrease from 6.8 month last year to 1.5 month this year. The months supply of inventory measure how many month it takes to sell all the current inventory of homes. The smaller the supply means more likely that the price will move up because the market is changing into a seller’s market.
Currently, there are 53 active listings on the market - 10 of which are asking 1.5 million or above, 25 homes are listed between 1 million to 1.5 million, and 18 homes are listed below 1 million. For the pending sales, there are 5 homes that are listed above 1.5 Million, 19 homes are listed between 1 million to 1.5 million and 24 homes are below 1 million. The lowest pending sale home is Betlin Avenue, 3 bedroom, 2 bath, asking for $675,000. The highest pending sale is the 5,300 sq ft, 5 bedrooms, 3 and half bath home on Stauffer Lane. Asking price? $3,500,000!
It appears that homes sales below a 1 million is the most active segment of the market and it follows by 1 million to 1.5 million. The home sales above 1.5 million still face a bit of challenge.
In short, sales are up. Inventory is down. Median home sales price is increasing. All these points to a healthy recovery of the Cupertino home market. Despites the economic downturn and high unemployment figures in Silicon Valley, the real estate market in Cupertino is un-affected.
I have been selling homes in Cupertino, Saratoga, Los Altos, Mountain View and Palo Alto since 1990. If you wish to discuss your real estate needs or ask a question, please give me a call.