A look at the Housing market in Sunnyvale California

McKinley and Taaffe
Creative Commons License photo credit: bdu

Sunnyvale California is one of the cities that make up what is known as Silicon Valley. The area was made famous by the silicon chip manufacturers in the area. That meaning has transitioned to high tech. There are many entrepreneurs in the area who specialize in the high tech industry to date. Sunnyvale itself is home to AMD, Palm, Inc., Yahoo and Maxim to name a few. You’ll also find that several defense companies have made Sunnyvale their home. Companies such as Northrop Grumman Electronic Systems and Lockheed Martin are a couple of the defense companies there. Sunnyvale is also consistently ranked one of the safest cities in the nation. Sunnyvale seems to be all about business. So how does real estate fair here?

The housing market in Sunnyvale is what most would call a very tight sellers market. There are currently less than one hundred homes on the market. Several of those homes are currently under contract. As you can see real estate is at a premium in Sunnyvale and that means that sellers can pretty much expect to get their asking price. Then median home price is around eight hundred thousand dollars, with many homes selling very close to a million dollars. These high end areas are Sunnyvale West and Snail. Many local realtors say that many homes are selling for well beyond list price. Condominiums are attractive options for new home buyers in the area and their median price is a little over half a million dollars.

There has been an increase of almost ten percent in the selling price for Sunnyvale homes in the second quarter, compared to one year ago. The number of homes that came under contract also increased; this was by around seven percent. The outlook for Sunnyvale in unfortunately not indicative of the outlook for the nation as a whole. Currently new construction of homes is not exploding as in many sought after areas, so the sellers market may continue. The low interest rates that are currently available are serving as a catalyst for those who can afford it, to buy right away in Sunnyvale.