- Sales fall, driven by homes priced from $1 million to $2 million
- High-end inventory falls
- Sales prices fall – but stay above 110% of list
The Cupertino real estate market slowed in July, with closed sales falling 27% and pending sales down 33%. Homes in the $1 million to $2 million range saw pending sales fall 59% in July. All indicators of price fell in July, while inventory was basically flat.
July’s median sales price was $1,665,500, $109,500 or 6% below June’s $1,775,000. July’s median price was, however, 17% ($240,500) higher than July 2013’s $1,425,000. The average price per square foot fell 4%, from $841 in June to $805 in July. That was $7 higher than a year ago ($797). The average closed sale in July was for 110% of the list price, down from 111% in June. One year ago, homes sold for 108% of list, on average.
30 sales closed in July, down from an abnormally high 45 in June. 34 sales closed a year ago and over the past twelve months, the average was 26 sales.
22 sales went pending in July, down a third from 33 in June. 28 sales went pending in July 2013. 21 properties were actively listed at the end of July, one more than at the end of June but 19 less than a year ago, although July 2013’s inventory was very high. About one month of inventory was on the market at the end of July, relative to pending sales. That was up from 0.6 months at the end of June and equal to the level of a year ago.
Homes were on the market an average of 22 days before going into contract in July, three more days than for the homes that went pending in June.
Analysis by Price Range
For the fifth consecutive month, no homes priced under $1 million were actively listed at the end of July. One year ago, there were seven active listings in this segment. Two sales went pending in July, down from three in June and nine a year ago. 9% of Cupertino’s pending sales during June were priced under $1 million.
Pending sales of homes priced from $1 million to $1,999,999 were nearly cut in half, from 24 in June to 13 in July. 31 sales went into contract in this price change in during July 2013. Inventory increased from 11 at the end of June to 17 at the end of July. 23 homes were on the market in this segment a year ago. That increased inventory relative to pending sales from about two weeks at the end of June to 1.3 months at the end of July. 81% of Cupertino’s inventory and 59% of its pending sales wer in this price range.
The inventory of homes price at $2 million-plus was cut by more than half, from nine at the end of June to four at the end of July. June, however, had the most inventory since September. One year ago, 10 homes were on the market in this segment. Seven sales went into contract in this price range during July, one more than in June and five more than a year ago. This segment accounted for 32% of Cupertino’s pending sales during July and 19% of its inventory at the end of the month.