Lido Isle – Newport Beach Harbor

Cupertino, California, famous for being the world headquarters to the international computer brand Apple Computers, is a high-priced real estate market home to some of Silicon Valley’s priciest neighborhoods. After the onset of the financial crisis in 2008, the market saw its sales volume and prices plummet before beginning a roller coaster journey of ups and downs.

Most recently, the Cupertino real estate market has shown some signs of improvement, perhaps offering cautious optimism for those invested in or looking to invest in the market. In February this year, the median price of a home sold in the city was $1.097 million, down slightly from January’s $1.18 million but up substantially from the median price one year ago in 2009, when it was just $930,000, according to local realtor Cherie Colon. Average prices have shown progress likewise: In February, the average was around $1.08 million, up from around $989,000 one year ago.

In February, however, Cupertino homes for sale spent an average of 47 days on the market. This was down slightly from January’s average of 49, but it was also up by 28% from a year ago, when the average was just slightly over one month, at 36 days. Sales in Cupertino are also now meeting or exceeding listing prices, with the sales vs. listing price in February at 100.7%, up from 98.3% in January and 96% one year ago.

There were 38 properties pending sale in February, up 81% from January’s 21 and up more than 111% from a year ago, when there were only 11 properties pending. The market has also seen inventory dwindle. In February, there were just 46 active homes listed, versus 99 a year ago, a drop of more than 53%. That figure did, however, rise slightly from January of this year, when it was down to just 38 homes on the market. Sales volume has remained steadily constant over the year: In February, there were 12 homes sold, versus 13 in January and 11 in February 2009.