In January 2013, 47 homes were on the market in Cupertino. In January a year later, there were 33. In January 2015 it was down to 18. This shrinkage has been going on for two years and should come as no surprise if you’ve been watching the numbers.
Looks like 12 is the new 18
The monthly average of available single-family homes here throughout 2013 was 66.3. For 2014 it was 49.1. In the most recent November through January it was 22. January’s 18 was pretty shocking to some people. And yet at this point in February, the shock increases: 12 homes listed on the Multiple Listing Service.
During 2013-2014, we’ve seen some months when going home shopping in Cupertino was like going clothes shopping at Macy’s, as opposed to shopping for air conditioners in Alaska. Ninety-seven homes were on the market in July 2013. Listings showed 77 in May and September of that year. In 2014, inventory reached a high of 71 in May with June and March showing 65 and 63, respectively. Where have all the homes gone?
No one can say for sure. All we know is that for any number of reasons, homeowners are becoming less interested in making a move and putting their houses on the market.
And then there were 9
The 12 homes for sale right now aren’t even all single-family residences – three of them are townhomes. So if you’re looking at just detached homes, we’ve only got nine.
Last month, the median list price of the 18 single-family homes for sale was $1,524 million. The median list of the nine up for sale today is $2,399,944. This figure will likely fluctuate, with listings coming and going during February, but it does indicate that while the number of available homes might be decreasing, asking prices are still quite robust.
The inventory of homes throughout Silicon Valley of late has fallen between marginally stable and significantly down. And by all accounts, the number of motivated, qualified buyers seems to be growing, based on the speed at which homes across the Valley are leaving the market.
We’re not forecasting an upcoming month with zero homes available in Cupertino, but interested buyers of property in this city would be advised to strike fast and make their first offer their best offer.