Health & Fitness
Cupertino Real Estate Market Shows Strong Spring Housing Trend
Cupertino housing market showing strength as the Spring homebuying market gets into full swing. Homes under $1 million and above $875k are flying off the market in less than two weeks.
The Cupertino housing market appears to be getting hotter. Currently, the median list price for a single-family home is $1.2 million, according to real time real estate data from Altos Research. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
For the 95014 zip code, the hottest segment of the market is under $1.1 million, and above $875, 000. Days on the market for homes in this quartile, are a brisk 14 days, compared to 220 days on the market for homes in the $1.8 million and above segment. Overall, the average days on the market is 132, which overall shows a buyers market.
A statistic you don’t see very often is the percent of properties with a price decrease. Altos Research tracks this data and this number can help buyers see what sellers are doing right now to get homes moving off of the market. Currently, 12 percent of sellers in the current market have reduced the price of their homes.
Find out what's happening in Cupertinofor free with the latest updates from Patch.
Another interesting number to track is percent of list price received. According to closed home sales data from the Santa Clara County Association of REALTORS, (SCCAOR) Cupertino had a 98.95 percent of list price received, meaning sellers are pricing their homes competitively and there is enough buyer demand to meet the seller, with some negotiation, at the list price.
According to a recent Mercury News report, Marin home prices were up 15 percent over last year, marking similar stories of rising sales prices for desirable homes throughout the Bay Area, including Cupertino.
Find out what's happening in Cupertinofor free with the latest updates from Patch.
The median sales price for a single-family home in Cupertino in February 2012, according to the SCCAOR housing statistics, was $970,000, compared to $935,000 in February 2011.
The proof will remain to be seen if sellers are holding their homes off of the market waiting for the Facebook IPO effect and if days on the market will drop with pent up buyer demand after three years of recession.
The good news is that the mortgage market, although up from last month, is still holding steady with historically low rates. Arcus Lending can answer questions you may have about getting started in the homebuying process. Contact us today for a rate quote or for more information about how to get a mortgage.
If you have questions, please contact me directly at 408-615-0655 or email Shashank@ArcusLending.com
