- Pending sales of $1 million – $2 million homes nearly double
- Prices relatively flat from April
- Days on market stays low
- Inventory unchanged
May was a month where not much changed in Cupertino, with the exception that the number of sales in the $1 million to $2 million range that went pending nearly doubled. Most other statistics did not change much from April.
The median sales price in May was $1,800,000, up $25,000 (1.4%) from $1,775,000 in April. May’s median price was, however, 24% higher ($310,000) than a year ago when it was $1,450,000. The average sales price per square foot in May was $843, just $3 less than in April but $100 higher (13.5%) than a year ago. The average closed sale in May was for 110% of the list price, off 1% from April but 2% higher than in May 2013.
Closed sales fell from 33 in April to 25 in May, a 24% decrease. May’s 25 closed sales was also 36% or 14 units less than May 2013’s 39. May’s decrease was expected due to the decrease in pending sales in April. Likewise, given the increase in pending sales in May, June’s closed sales will likely increase.
Pending sales bounced back strongly after falling in April. 38 sales went pending during May, 58% (14 units) more than April’s 24. One year ago, 38 homes went pending. Inventory was unchanged from April at 22 homes but was two units less than a year ago. The increase in pending sales pushed the months of inventory available (relative to pending sales) down to 0.6 months at the end of May from 0.9 months at the end of April.
Properties have not been staying on the market long her the past few months. May’s closed sales were listed for an average of only 14 days, one more day than for April’s sales. The average for the past twelve months was 21 days.
Analysis by Price Range
For the third straight month, there were no homes actively listed priced under $1 million at the end of May. Two sales went into contract in May, the same as in April. That represented 5% of Cupertino’s total for the month.
33 sales of homes priced from $1 million to $1,999,999 went pending during May, 15 more than in April. That was an 83% increase over April’s 18 sales. Inventory in this price range decreased by one unit to 17 at the end of May. That cut the supply of homes relative to pending sales in half to about two weeks at the end of May. 78% of Cupertino’s inventory and 88% of its pending sales were in this price range.
Five homes priced at $2 million-plus were actively listed at the end of May, one more than at the end of April. Three sales went pending in this price range during May, one less than in April. Inventory relative top pending sales increased from 1.0 month at the end of April to 1.6 months at the end of May.