Cupertino Market Conditions March 2014
- Pending sales up more than 60% for second straight month
- Higher-end sales increased the most
- Median sales price and average price per square foot both highest in at least three years
- Inventory still low, but up in the $1 million to $2 million range
The number of sales of single family detached homes that went pending in Cupertino increased by two thirds in March, while closed sales increased 31%. The median sales price extended its streak of consecutive months that it was higher than a year ago to 19 months. Inventory remains low but the number of available homes in the $1 million to $2 million range nearly tripled. The number of sales of homes priced at $2 million and up that went pending doubled.
March’s median sales price of $1,618,000 was 11% ($154,000) higher than February’s $1,464,000 and 5% higher ($78,000) than March 2013’s $1,540,000. The average price per square foot for March’s closed sales was $$881, up 7% from $820 in February and 26% from $699 a year ago. Both the median sales price and the average price per square foot were higher than at any time in over three years. February’s closed sales were for 109.1% of the list price, on average. That compares to 109.5% in February and 108.0% in March 2013.
Closed sales increased 31% in March, from 16 in February to 21 in March. 21 sales closed during March 2013.
For the second straight month, the number of sales that went pending increased more than 60%. 35 sales went into contract during March, up 67% from February’s 21. That was three more than went into contract a year ago. 17 properties were actively listed at the end of March, up from 15 at the end of February but five less than a year ago. The increase in sales dropped available inventory to two weeks relative to pending sales at the end of March from 0.7 months at the end of February.
March’s closed sales were on the market an average of 21 days, five fewer days than February’s and one more day than March 2013’s.
Analysis by Price Range
Three sales of homes priced under $1 million went pending during March, two more than in February, representing 9% of Cupertino’s pending sales for March. There were no actively listed properties in this segment at the end of March, the first time that has been the case since January 2013.
Homes price from $1 million to $1.999 million accounted for 82% of Cupertino’s inventory at the end of March and 60% of the sales that went pending during the month. 14 homes were actively listed in this price range at the end of March, nearly triple February’s five. 21 sales went into contract, an increase of six from February’s 15. 0.7 months of inventory relative to sales that went pending were available at the end of March, up from 0.3 months at the end of February.
11 homes priced at $2 million or more went into contract during March, more than double February’s five. Inventory in this price range dropped from eight at the end of February to three at the end of March. Inventory relative to pending sales fell to 0.3 months, from 1.6 months at the end of February. 31% of Cupertino’s inventory at the end of March and 18% of the sales that went into contract during the month were in this segment.
