Zirana City Blog

August real estate sales activity for the greater Cupertino area continued at a pace very similar to previous months.  There were 56 closed sales in August compared with 49 for June and 55 in July.  There are currently 49 pending sales, slightly less than in the previous month possibly reflecting the longer period necessary to process loans.  Pending sales are homes that are under contract, or in escrow waiting to clear inspection and financing contingencies prior to close.  There were 97 homes for sale at the end of August compared with 117 at the end of the July.  It is significant to note that the summer market is usually a little slower than the spring and fall markets. 

There are still a significant number of homes that continue to sell above their asking prices.  The majority of these homes tend to be priced between $900,000 to $1,500,000.  There were 10 sales that closed above asking price in August compared with 16 in July.  Most, however, were not significantly over.  There were 12 home sales in the price range above $1,500,000 in the month of August, compared with only 3 in July.   

  For the most part, prices are holding steady.  Buyers are showing a disciplined approach and are doing their homework before coming to the table with an offer!  Lending restrictions are now much tougher than they were prior to the recent changes in lending practices.  It is imperative now, for Buyers to obtain loan pre-approval before seriously looking for a home.