Look at the left graph you can see March 2009 is the right most bar and the 1st from the left bar was the Cupertino homes for sale in March 2008. An overview of Cupertino’s Single Family Real Estate market of March 2008 compared to March 2009 shows some interesting economic changes:
1.) The Cupertino homes inventory rose to 127 this year from last year’s 65.The sold homes are lower from 23 last March to 9 this year.
2.) The average price of Cupertino homes this year has lowered to $1,170,465 from last years’ $1,311,979. The median price on Cupertino homes has dropped from $1,185,000$ to $1,050,000.
3.) It takes average 28 days to a Cupertino home, but last March was 24 days.
With all the numbers that show we have more Cupertino homes for sale and less of them actually sold. The average and median price for Cupertino homes dropped about 9- 10% from last March to this March.
May 9th, 2009 at 8:58 am
Hi Grace,
That’s interesting information. I have been showing homes in Cupertino (and other places, of course) and am finding that buyers are still really picky. The market is changing, though. Lower priced homes are frequently getting multiple offers and I think it won’t be long ’til we see things change in pricier areas like Cupertino too.
In some areas of the valley, there are neighborhoods where every home is simply priced too high. I found this in one pocket of Saratoga. Homeowners are ignoring the one last “bad” comp as if it didn’t happen. Buyers are voting with their feet and nothing is selling at all. Once the sellers get realistic, I think homes will sell again. But right now it’s a standoff.
I wonder if that might be happening in Cupertino too? I don’t know but perhaps you do since you sell there a lot.
Great post.
Mary