May 2, 2016
BACKGROUND:The equilibrium level of the Sunnyvale Single Family Home Market is 100 to 120 active listings. Over the last twenty five years I have seen this figure fluctuate from a low of 25 to a high of 240. The low end describes a market in which homes sell in a matter of days, multiple offers, prices in excess of list price and homes sell in any condition. At the higher end....time required to sell a home rises to months, price declines are common, homes in poor condition will be more difficult to sell.
Presently there are 38 single family homes for sale in Sunnyvale. Price range from a low of $749,000 to $2,380,000. Only seven homes are listed under $1.000,000.
Outlook: Market remains in the hands of sellers. Prices are firm and homes sell quickly. Interest rates continue at low levels with no substantial increase in sight. Apple Campus is slated to open early in 2017 with 13,000 new employees to populate.
While the market looks strong for the present one must remember that real estate is cyclical. It has been my observation over the last fifty years in Silicon Valley that the market is generally on a ten year cycle coinciding with the technological twist and turns in the Hi-Tek industry The current low inventory and multiple offer cycle began in the early months of 2012. That makes this seller market already four years old. Once this Apple Campus business is settled the market will be looking for..... WHAT'S NEXT?? Another important factor is the coming supply of condos, cluster homes, single family homes on small lots and apartment buildings. All being built as I write this comment. I researched the Sunnyvale Planning Department and was amazed as to the number of permits issued and the size of projects in the works.
Birdland Sales Pending
Birdland Sales Since Jan. 1, 2016