About Cupertino's Cupterino School District

Real estate goes up and down in the short term, but over the long run it goes up. Here's a reminder of one that got away. This Cupertino home with Collins Elementary was listed at $465k, which sounded like an outrageously high price at the time, but since then this house reached a value of $1.1M and after dipping back down to $900k is back up to $950k.

A Real Estate Market Unto Itself.

I closed an escrow on a listing today. From the Listing Date to the Close of Escrow was exactly 30 days. Inspections, reports, disclosures and a mini-staging were completed in May before the home was marketed. The quickness of this transaction is not typical for Silicon Valley, but it isn't atypical for homes located within the Cupertino School District. It's a real estate market unto itself.

Over the past 14 Mays (I don't have June 2011 totals yet), from May 1998 through May 2011, the Average Home Sale Price in the City of Cupertino has been 100.8% of the Average List Price according of the local Multiple Listing Service, MLSlistings, Inc. For 14 years, Sale Prices have exceeded Asking Prices, on average, as the Table shows.

The primary attraction to Cupertino Schools is high academic achievement test scores. Highly-paid, well-educated, primarily foreign-born, Silicon Valley engineers and scientists with school-aged children are drawn to the schools because of test scores. Listings priced below the $1,100,000 approximate average that are in excellent condition, as mine was, are money in the bank, to be blunt.

For my listing, 41 agents left their business card during two weeks of marketing. I had roughly 100 groups through four, 3-hour Open Houses. Four agents presented offers at a pre-determined date that I put into the MLS. All offers were over the $819,950 List Price. All offers had a 3% Earnest Money Deposit, as customary. The highest offer was $835,000, all cash, 14-day close, "As Is," no contingencies and the Selling Agent waived nearly $16,000 in commission. The buyer is an Agent represented by a Broker friend from a different office than her own.

Homes in the Cupertino School District are in a real estate market unlike most we hear about, read about, or experience. It's a real estate market unto itself.

Homes Sold in Cupertino School District Continue to Sell For More than Asking Price.

In May 2011, the Average Single Family Residence sold within the Cupertino Elementary School District sold for 101% of its Asking (List) Price as strong demand and limited supply pushed prices up. Data are from the local Multiple Listing Service, MLSListings, Inc.

The Cupertino School District boundaries do not coincide with City boundaries, so the Chart below shows sub-total for each City and the number of May 2011 sales in that City, plus the total.

For information about Buying or Selling a home in the Cupertino School District, please call of e-mail me.

The lessons I've learned from 35 years of local real estate sales experience benefit my clients in many ways throughout a real estate transaction.