Cupertino Real Estate Market Gets Hot

Cupertino Real Estate Market Analysis for first half of  2012

For latest Cupertino trends, please go to this page.

For latest Cupertino trends, please read and bookmark this page


Cupertino's real estate market is showing a tremendous trend in both Sale Price To List Price Ratio and Average Days On Market number as seen in the chart above for Single-Family Residences and Townhomes+Condos.

From an average high of 85 Days On Market in February 2012, the number has come down to just 15 days in May 2012 and just 19 days in June 2012. The Average Sale Price was approximately 96% of the Average List Price in January 2012. That ratio has moved up to 103.8% of List Price as of May 2012 and 103.9% in June 2012. 

This represents a high demand recovery trend in that there is very good demand for houses with many buyers out in the market, and this is combined with very low inventory of houses on sale.

Homes Sold Versus New Homes on Sale Trend

Another statistic of interest is the Homes Sold trend in Cupertino versus the New Homes on Sale trend. As you see in the chart below, while May 2012 was a month where Homes Sold number at 56 went beyond the number of New Listings in Cupertino at 52, the month of June 2012 has somewhat compensated with inventory levels going back a bit to 62 but still higher than April and prior months. Most homes sold very quickly in the past two months. 

  

Cupertino Home Sales Quick Statistics (April - June 2012)

Here are some interesting statistics on the recent sales in last 90 days for a quick look in terms of Single Family Homes and Townhomes+Condominiums.  With an average of slightly over 1 home per day, the Cupertino real estate market has been really popular with buyers.

As the economy improves, and more companies hire around Silicon Valley, the real estate market here, and overall in Silicon Valley, is expected to continue this momentum over the summer of 2012.

Great time to sell 

A high demand market is a very good time to sell. As the stats above show, the Cupertino  area demand for housing is very high, and selling your home during a high demand period should yield you very good offers.

Turnaround market presents opportunity to invest

With the improving economy, Silicon Valley real estate market is on a turnaround moving up from its lows. Purchasing your dream home is a long-term financial decision, and doing so during a turnaround with historically low interest rates can be a great decision lasting many years.

Real Estate investors typically invest during turnarounds as they see it as once-in-a-lifetime opportunity especially given the housing collapse of the last few years.

Should You Buy Now or Wait

Remember you are not just buying a house but also investing in a neighborhood. The better the neighborhood, the better your long term resale value. And better neighborhoods always have a premium associated with them due to constant demand such as in Cupertino. If you find a home that is the best among the houses you have seen, within your budget and wont break your bank, in a great neighborhood, and meets most if not all your real estate buying goals, go for an offer, as such an opportunity may not present itself back again for a while. Its a decision you have to make going between waiting it out to exercising the option to put in an offer and see if it will make it. While it is also possible that markets could cool off a bit with more supply the probability appears to be low, given that this is a turnaround situation with improving economy, growth of new and old tech giants and population growth. A hot market like Cupertino will take a while to cool off if at all - barring insane growth in home prices making it unaffordable to the majority, in which case, there is sure to be a cool off in demand. At an average of 103.9% of List price in June, this premium is well within limits although there may be some outliers in that some houses may have gone for more than that. In multiple offer situations, many times more than the offer, its the quality of the offer that matters to sellers.  So making a reasonable offer is a good idea. So keep a watch on the trends and speak with me as often as you can to help you get to your goal of owning your home.

Author Ranjana Shreedhar, Realtor:

If you are planning to Sell your house, learn how to make the most for your house in this market and to attract the best offers for your valuable property. Call me for a no-obligation evaluation, and a listing presentation at 408-861-8026.

My goal is to make the sale of your home smooth, successful, and worry-free, with my core marketing skills, integrity, and exceptional service! 

If you are in the market to buy your dream home, learn how I can help you find your dream home, and be there for you throughout the purchase process. My goal is to make you a happy and proud homeowner.

If you or any of your friends are in the market to sell or buy a home in the Bay Area, I'd be delighted to help you or your friends, as the case may be, achieve your real estate goals with exceptional service, high integrity, and market savvy. 

Contact me through Email or on phone (408)861-8026 or through the handy contact form on this page.

Posted in: Cupertino , Cupertino Real Estate