Cupertino Market Conditions October 2014
- Market cools a little
- Prices continue to increase
- Closed sales fall, pending sales flat
- Inventory of $1 million to $2 million homes halved
While remaining very strong, the Cupertino real estate market cooled a little in October, with closed sales and inventory falling. The middle of the market saw inventory fall sharply from September, although that same segment had a big increase in inventory last month. Price indicators moved mostly higher.
October’s median sales price was $1,775,000, which was $116,056 or 7% higher than September’s $1,658,944. October’s median price was 28% ($390,000) higher than October 2013’s $1,385,000. October was the 26th consecutive month with a year-over-year price increase.
The average price per square foot in October was $932, up $63 (7%) from $869 in September. It was also $112 (14%) higher than a year ago ($820). The average home here sold for 108% of the list price in October, off from 111% in September but above the 107% posted a year ago. Homes have sold for more than their list price, on average, every month since February 2012.
24 sales closed in October, five fewer than in September, a 17% decline. It was also three less than closed a year ago.
Fifteen homes were actively listed at the end of October, down 42% from 26 at the end of September. 18 homes were on the market a year ago. Pending sales slipped by one in October, from 24 during September to 23. That compares to 21 a year earlier. About 0.7 months of inventory was on the market at the end of October, down from 1.1 months at the end of September and 0.9 months at the end of October 2013.
The average number of days homes were listed was the highest since March. In October, homes were on the market for an average of 18 days, compared to 12 in September and 33 a year earlier.
Analysis by Price Range
Once again, there was only one property actively listed below $1 million. That has been the case for the past three months. Two sales went pending during October, one more than in September. That left about two weeks of inventory at the end of October, versus one month at the end of September. 7% of Cupertino’s inventory and 9% of its pending sales were priced under $1 million.
The inventory of homes priced from $1 million to $1,999,999 was cut by more than half, from 19 at the end of September to eight at the end of October. October was on par with a year ago, when nine properties were on the market. Pending sales in this price range fell one, from 20 in September to 19. 17 sales went to contract in October 2013. Inventory relative to pending sales fell from 1.0 month to 0.4 months. This price range accounted for 53% of inventory and 83% of pending sales.
$2 million-plus properties made up 40% of Cupertino’s inventory but only 9% of pending sales. Six homes were actively listed at the end of October, unchanged from September and one less than a year ago. Two sales went to contract in October, one less than in September and the same number as a year earlier. There was a three month supply in this segment at the end of October, up from two months at the end of September.
