Single Family
The differences between the last 12 months (ending with Jan 07) and the previous 12 months (ending Jan 06) were in the following areas: 1) slight increase of homes coming on the market; 2) sold/list ratio dropped from the previous year but performed much better than most in Santa Clara County; 3) it is taking only a few days longer to sell homes now then before; and 4) no surprise, prices are still going up.
Homes that were available for sale in the past 12 months (2/06 - 1/07: 986) increased slightly compared to the previous year (2/05 - 1/06: 855) or an increase of 15% (compared to 65% in Campbell). During the same period, the sold/list ratio dropped this past year (2/06 - 1/07: 61%) compared to the previous year (2/05 - 1/06: 88%). There was some fluctuation in demand when compared to the previous year, when just as many homes sold as came on the market, such was not the case the past year. In 06, the average home took 21.5 days to sell and received a 100% of list price (the numbers were average out over 12 months to eliminate seasonal discrepancies). That was quite a change from the previous year when the average home took only 17.75 days to sell and received a 102.3% of list price. Given the previous trends, one would conclude that prices should drop, but that was not the case. The average price per square foot actually went up from $559 in 05 to $579 in 06 or an annualized increase of 3.5%, which was almost double that of Campbell.
Condo/ Town homes
The trend was similar to Single Family homes above.
Increase in homes for sale in 06 compared to 05, and increase of 16%. While the sold/list ratio went from an 83% in 05 to 64% in 06. The time it took to sell went from 17 days to 24.8 days and the percentage of list price went from 102.6% to 100%. Price increased from $463 to $484 or an annualized increase of 4.5%.
As is typical, the change that Cupertino went through the past year was significant, but it was well insulated when compared to other cities in the area. The only thing that is certain from seeing these trends is that demand is still high and property values will continue to rise. Thank goodness for equity appreciation!
Graphics courtesy of Trendgraphix.
Steve Mun, Silicon Valley Realtor
www.stevemun.com
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