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Condo Sales Heat Up Cupertino Housing Market

Local real estate and mortgage expert, Shashank Shekhar, says supply and demand are driving up prices.

April was a good month for Cupertino real estate where it has enjoyed a pretty steady and strong market this year and last year. According to closed sales data from the Santa Clara County Association of Realtors, Cupertino’s median sales price for a single family home was $1,225,000 and for condos it was $564,000. Year over year data shows that the median price in April 2011 was $1,220,00 for single-family homes and $578,500 for condos.

Interesting to note for the condo inventory in Cupertino, last April, there were 60 condos for sale, and this April, just 13 were on the market with a very fast pace of only 19 days on the market compared to 32 last year.

In April 2005, at the height of the real estate market in Cupertino, the median price for a home was $1,150,000 and for condos it was $690,000. Days on the market then were 22 for single-family homes and 18 for condos. This shows that the current demand for Cupertino condos is very strong and inventory is quickly leaving the marketplace.

Sellers are enjoying this market, as well. On average, homes are selling for 102.86 percent of asking price and for condos sellers are receiving 100.27 percent for their homes. For homeowners who are considering selling, don’t forget to get your home in great shape. The homes that are not turnkey, are the ones sitting on the market for an extended period of time.

Currently, as of May 23, according to real time real estate statistics from Altos Research, the median list price for a single-family home is $1,388,000. 53 properties have been on the market for an average of 58 days and there are 15 percent of properties with a price decrease.

“Inventory is sufficiently low to keep Cupertino in a sellers market,” realtor Frank Oliver stated. “Inventory is coming back on the market incrementally. Last month there were 46 listings available with 39 homes sold. Now we have 53 properties listed, so sellers are starting to see that prices are going up and that now is a good time to sell.”

—, a Local Voices blogger, works at Arcus Lending located at 4320 Stevens Creek Blvd.

davidzbridger June 07, 2012 at 09:48 AM
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