Situated in the heart of Silicon Valley, Cupertino, California, is a city with a population of just over 50,000 in suburban Santa Clara County on the western edge of the Santa Clara Valley. Cupertino is a high-tech hub and is most famously known as the home to the headquarters for Apple Computers. Because Cupertino is fueled by such a high-tech industry, it tends to attract many highly skilled workers who find employment in the many companies based in and around here, pushing up the demand for Cupertino real estate and making homes for sale in Cupertino some of the most pricey in the region.
Immediately after the financial crisis's effects began to take effect across America, the city no felt some pain as well and saw its median prices fall and the number of Cupertino foreclosures rise. However, this city has been more resilient than many of its neighbors and has been able to sustain the market mostly because the demand for real estate here remains so high. According to the Santa Clara County Association of Realtors, which compiles monthly statistics on real estate sales in the county, the month of July saw positive signs in both the Cupertino housing market and the Cupertino condo market, as both sectors saw prices slowly working their way back up.
In July, there were 66 new homes listed for sale, a number that has remained steady over the past year. The inventory in July fell from a year earlier, to 108 from 136 as some more homes were snatched off the market. The number of sales has also been mostly constant, with 39 sales in July of this year and 38 sales in July of last year. The number of days homes spent on the market before selling has fallen to just over one month per home, at 40 days, while it was 55 days a year ago. The prices meanwhile show signs of a surge. The median price for a home sold in July was $1.12 million, up from a year ago at $1.02 million.
The condo market showed most of the same characteristics during the month of July, with 16 new condos listed for sale, up only slightly from last year's 12, and a total inventory of 42, up from 33 a year ago. The sales volume rose annually, with 18 condos sold in Cupertino this month versus just seven sold in July of 2009. The higher inventory has also meant more days on the market for condos before selling. In July, the average condo had spent 78 days up for sale before closing, while that figure was just 42 days last year. But the good news -- for sellers and those looking for a solid investment in their home -- is that prices have begun to rise back up. In July, the median sales price for a condo had rise $7,500 annually to $647,500. The average price, likewise, was up about $15,000 from a year ago.
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