- Median sales price highest in over three years
- Pending sales slump, driven by homes priced over $2 million
- Days on market cut by more than half
- Inventory rises for homes priced from $1 million to $2 million
Demand continued to outpace supply in Cupertino in April. Low inventory is keeping sales low and prices have been rising as a consequence. Closed sales of single family detached homes spiked in April, not surprising given the sharp increase in pending sales in March. We’re likely to see closed sales drop again in May, since pending sales dipped in April. Homes priced from $1 million to $2 million increased their inventory in April.
The median sales price increased in April to $1,777,500, a 10% increase ($159,500) from $1,618,000 in March and a 21% increase ($313,500) from $1,464,000 a year ago. April’s sales closed for 111% of their average list price, up from 109% in March and 110% a year earlier. The average price per square foot was $845 in April, down $36 from $881 in March but $95 higher than April 2013’s $750.
34 sales closed in April, 13 more than March’s 21 and six more than a year ago. Closed sales have increased for two consecutive months. However, given the decline in pending sales, that trend may be reversed next month.
After increasing sharply the past two months, pending sales dipped in April. 24 sales went into contract during the month, down 11 from 35 in March. That was also one less than went into contract a year ago. Inventory increased from 17 at the end of March to 24 at the end of April, a 29% rise. With inventory rising and sales falling, the number of months of inventory relative to pending sales nearly doubled, from 035 months at the end of March to 0.9 months at the end of April.
April’s closed sales were on the market an average of only 13 days, down from 32 days in March. One year ago, homes were also listed for an average of 18 days.
Analysis by Price Range
No homes priced under $1 million were actively listed at the end of April, unchanged from March. Two sales went into contract during April, one less than during March. A year ago, three properties were available in this segment and three sales went into contract.
82% of Cupertino’s inventory at the end of April and 83% of the sales that went pending during the month were priced from $1 million to $1,999,999. 18 homes were actively listed at the end of April, up four from 14 at the end of March. 18 sales went pending during April, three less than during March. Inventory relative to sales increased from 0.67 months at the end of March to 1.0 month at the end of April.
Four sales of homes priced at $2 million or more went pending during April, down from 11 in March. March’s sales were abnormally high, however, and four sales in this segment are still solid. That would have tied for the second most of any month in 2013. Four homes were actively listed at the end of April, one more than at the end of March. $2 million-plus homes accounted for 18% of Cupertino’s pending sales during March and 17% of inventory.