Sunnyvale, in my opinion, was one of the most competitive markets in 2017 – and will probably continue to be HOT in the near future. In the past, Sunnyvale offered one of the last “affordable” price points in a nice neighborhood with top schools (e.g. Homestead High).
In the second half of 2017, I noticed a new trend. Some Sunnyvale Buyers became discouraged by the prospect of having to bid against as many as 19 other Buyers in a heated competition for a modest home. Many of the Buyers pivoted their search to Los Altos because they realized that Sunnyvale, in the 94087 zip code selling at $1,132 per square foot, was almost the same as Los Altos, with Cupertino Schools selling at $1,197 per square foot. They saw that there were typically fewer offers on a given home in Los Altos and they felt like they had a better chance of winning in Los Altos than Sunnyvale. Plus, the lots in Los Altos tend to be larger (approximately ¼ acre or ~10,000 square feet) than the lots in Sunnyvale.
|North Los Altos with Los Altos Schools (K-8)||South Los Altos with Los Altos Schools (K-8)||South Los Altos with Cupertino Schools (K-8)||Mountain View with Los Altos Schools (K-8)|
|Change||2.4% over 2016||7.8% over 2016||7.9% over 2016||8.3% over 2016|
Sunnyvale with Cupertino Schools (K-8) is on a similar trajectory as Sunnyvale with Sunnyvale Union Schools in the 94087 zip code with 12.6% and 15.5% increases, respectively. Sunnyvale in the 94085/6 zip code at $1015 per square foot is catching up with a 17.5% increase over 2016.
In my next article, we will look specifically at what’s happening in Mountain View.
Location matters and so does picking the right agent for your real estate needs!
Interested Buyers should verify the enrollment and availability policies directly with the appropriate school district for any school that they might be interested in BEFORE making an offer on any home.