Cupertino Market Conditions September 2014
- Market stays surprisingly hot
- Prices increase
- Closed sales rise, while pending sales fall
- Inventory of $1 million to $2 million homes nearly doubles
- Homes on the market an average of only 12 days
The Cupertino real estate market remained hot in September, with rising prices and increased closed sales. Homes were on the market for a shorter period than at any time in over a year. There were signs that the market may slow a bit, as inventory increased and pending sales declined.
After falling for three straight months, the median sales price ticked up 3% in September, from $1,612,500 in August to $1,658,944, an increase of $46,444. The median price was also 12% or $176,944 higher than September 2013’s $1,482,000. The median sales price has been above $1.6 million for each of the past seven months.
The average price per square foot increased $52 (6.4%), from $817 in August to $869 in September. One year ago, the homes sold here for $736 per square foot, $133 less than in September. The average sales price in September was 111% of the list price, up from 107% in August and 104.5% a year earlier.
Fewer sales closed in August than in any month since February. 18 sales closed in August, down 40% from 30 in July and 51% from 37 a year ago. Closed sales have been lower than a year earlier for three of the past four months.
The inventory of actively listed homes increased 73% in September, from 15 at the end of August to 26 at the end of September. 27 homes were on the market one year earlier. Pending sales fell by five units or 17%, from 29 in August to 25 in September. 21 sales went pending in September 2013. That more than doubled inventory relative to pending sales from 0.5 months at the end of August to 1.1 months at the end of September.
Homes do not stay on the market for long here. In September, the average was 12 days, down from 14 in August and 19 a year ago. Homes have been listed here for 17 days or less for each of the past six months.
Analysis by Price Range
One home was actively listed and one sale went pending in the sub $1 million market segment. Both numbers were unchanged from August. That accounted for about 4% of both sales and inventory for Cupertino.
73% of Cupertino’s inventory at the end of September and 83% of the sales that went pending during the month were priced from $1 million to $1,999,999. Inventory nearly doubled, from 10 at the end of August to 19 at the end of September, compared with 12 a year ago. Five fewer sales went pending in this segment during September (20) than August (25). 22 sales went pending in September 2013. Inventory relative to pending sales more than doubled, from 0.4 months at the end of August to nearly a full month at the end of September.
The inventory of $2 million-plus homes increased from four at the end of August to six at the end of September. That was still only half the number actively listed one year ago. Three sales went pending during September, unchanged from August, as well as a year earlier. 2.0 months of inventory was available in this segment at the end of September, up from 1.3 months at the end of August. This price range made up 23% of Cupertino’s inventory and 13% of its pending sales.