Cupertino remains one of the strongest real estate markets in Silicon Valley, despite the seasonal downturn in sales. The average selling price was down slightly to $1,158,000 with 36 homes sold. There were only 33 new listings this month which means net inventory dropped again. This is what makes Cupertino still so hot - there are not enough homes to meet demand.
The days on market dropped to 22 from 29 last month and the overall months of inventory dropped to 2 - down slightly from 2.1 in July. This indicates that homes are selling faster and with very little inventory. Buyers are having to step in with all-cash or completely pre-approved loans to get sales closed this fast. For conventional buyers, this is hard to compete with.
While the average sales price is below the same period last year, the overall trend for the year is up. There were more sales overall - only 24 homes sold in August last year - so that's another sign the market remains hot. There was also only 1 expired listing - a rare even in Cupertino. The lack of expired listings is also leaving little chance to buy. Buyers are often forced to wait for new listings and some sales are getting picked up the day the go on the MLS.