Cupertino Market Conditions June 2014
- Closed sales highest in two years
- Pending sales fall
- Most price indicators rise
- Days on market stays low
The Cupertino real estate market remained hot in June. Although the median sales price dipped a little, other indicators of price such as the sales price to list price ratio and price per square foot rose. There was less than three weeks of inventory available at the end of June and that appears to be dampening sales, as pending sales fell during the month.
The median sales price slid 2% or $37,500 to $1,762,500 in June from $1.8 million in May. June’s median price was still 14% or $202,500 higher than June 2013’s $1,560,000. The average sale in June was for 113% of the list price, which was the highest percentage here in at least four years. May’s ratio was 110% and a year ago it was 111%. The average sales price per square foot increased from $843 in May to $850 in June. June’s price per square foot was $80 (10%) higher than a year ago.
June had the most closed sales of any month since May 2012. Closed sales increased 64, from 25 in May to 41 in June. That was also had a 46% (13 units) increase from a year ago, when 28 sales closed.
Five fewer sales went into contract in June (33) than in May (38), a 13% decline. However, that was five more than went pending a year ago, an 18% increase over June 2013’s 28. Inventory fell by two units to end June with 20, which was 14 less than a year ago. Inventory relative to pending sales was little changed at about 0.6 months.
June’s closed sales were listed for an average of 14 days, unchanged from May and one less day than in June 2013.
Analysis by Price Range
Once again, we ended June with no homes priced under $1 million actively listed. That marks four straight months. Three homes went on the market in this segment during June and all went into contract before month-end. Lower end homes are clearly in high demand here. Nine percent of Cupertino’s pending sales in June were priced below $1 million.
Homes priced from $1 million to $1,999,999 accounted for 55% of Cupertino’s inventory at the end of June and 73% of the sales that went pending during the month. Inventory in this price range fell by six units, from 17 at the end of Mya to 11 at the end of June, a 35% drop. 24 sales went pending during the month, nine fewer than May’s 33. Inventory relative to pending sales was little changed at about two weeks.
Both the inventory and sales of homes priced at $2 million and up increased in June. Nine homes were actively listed in this segment at the end of June, nearly double May’s five. Pending sales doubled, from three in May to six in June. 1.5 months of inventory was available at the end of June in this segment, down from 1.7 months at the end of May. $2 million-plus homes made up 18% of Cupertino’s pending sales and 45% of its inventory.
