- Median sales price falls for third straight month
- Pending sales of $1 million to $2 million homes nearly double
- Mid-range inventory falls
Single family detached homes priced from $1 million to $2 million drove the market changes in August, with more sales and less inventory. Price indicators were mixed but generally continued a trend lower.
The median sales price fell for the third consecutive month, from $1,665,500 in July to $1,612,500 in August, a decline of 3% or $53,000. August’s price was still 17% ($237,500) higher than August 2013’s $1,375,000. The average sales price in August was 107% of the list price, down from 110% in July but higher than 104% a year ago. On a more positive note, the average price per square foot increased $12 or 1.5% in August, from $805 in July to $817. August’s price per square foot was $20 higher (2.5%) than August 2013’s $797.
Fewer sales closed in August than in any month since February. 18 sales closed in August, down 40% from 30 in July and 51% from 37 a year ago. Closed sales have been lower than a year earlier for three of the past four months.
15 homes were actively listed at the end of August, six less (27%) than at the end of July. 23 properties were on the market a year ago. 29 sales went pending during August, down seven or 32% from July’s 22. That compares with 30 a year ago. Those changes left only about two weeks of inventory relative to pending sales at the end of August, about half what was there at the end of July. One year ago, there was about three weeks of inventory here.
The average home was on the market for 14 days in August, down from 17 in July. One year ago, homes were available for an average of 23 days.
Analysis by Price Range
After five straight months with no inventory in the $1 million and less segment, Cupertino ended August with one property available, representing about 7% of the city’s total. There was also one pending sale during August, down from two in July and four a year ago. 3% of Cupertino’s sales were in this segment.
The $1 million to $1,999,999 price range was where all the activity was during August. 25 sales went to contract during the month, nearly double July’s 13 and three more than a year earlier. Inventory fell seven units, from 17 at the end of July to 10 at the end of August. Those changes cut inventory from 1.3 months at the end of July to 0.4 months at the end of August. This price range made up two thirds of Cupertino’s inventory at the end of August and 86% of the sales that went pending during the month.
27% of Cupertino’s inventory and 10% of its pending sales were priced at $2 million or more. Four homes were actively listed in this segment at the end of August, unchanged from July but seven less than a year ago. Pending sales fell from seven in July to only three in August (the same number as in August 2013). Inventory relative to pending sales increased from 0.6 months at the end of July to 13 months at the end of August.