Published October 11, 2026 in Market Update

More condos are coming on, but buyers are still writing offers

By Brad Bell

Real estate, Sunnyvale & Santa Clara Condo - $700K+

These numbers cover the three months ending August 31, 2026, across Sunnyvale and Santa Clara condos priced at $700,000 and up.

The headline fact: more sellers listed, and buyers kept up. That is the market in one line. It means sellers still have real demand to sell into, but the extra supply gives buyers a little more room to push back on price.

More supply alone does not tell you much. What matters is whether buyers showed up anyway. They did.

The Real Estate Data Aggregator counted 434 pending sales across these ZIP codes for the three months ending August 31, 2026. That is up 7.2% from the same stretch in 2025. Demand did not fall away when inventory rose.

At the same time, Realtor.com reported that 17.4% of listings in the San Jose, Sunnyvale and Santa Clara area had price cuts in September 2026. That is real. Not every seller priced well, and some had to adjust. The market still moves, but it will not carry a number that is too high.

What the ZIP codes show

These seven ZIP codes do not all read the same. Here is where each one stood for the three months ending August 31, 2026, per the Real Estate Data Aggregator.

ZIP 94087, which covers a large part of Sunnyvale near Lawrence Expressway and Homestead Road, stood apart. The Real Estate Data Aggregator put its median sale price at $2,716,250, up 0.6% from a year earlier. Homes there sold in a median of 9 days, and 63.3% sold above list. Pending sales rose 7.6% year over year.

ZIP 94089, near the northern end of Sunnyvale toward Moffett Field, saw the steepest price dip. The Real Estate Data Aggregator put the median sale price at $1,415,000, down 10.3% year over year. Homes for sale there more than doubled, up 133.3%. Still, pending sales rose 58.8% and more than half of homes sold above list. The price drop likely reflects a mix shift toward smaller or less updated units, not a collapse in demand.

ZIP 95054, near the Intel and Nvidia campuses along Central Expressway in Santa Clara, told a different story. The Real Estate Data Aggregator showed the median sale price up 18% year over year, to $1,550,000. Homes sold 7 days faster than the year before. Pending sales rose 37.5%. That kind of movement near major tech campuses is consistent with what commute proximity does to price in this part of Silicon Valley.

Rates are higher, and that matters

CNBC reported the average contract rate for a 30-year fixed mortgage with a conforming loan balance rose to 7.49% as of the week ending October 7, 2026. Realtor.com noted rates topped 7% for the first time since January 2025. That adds real cost to a purchase at these price points.

Higher rates slow some buyers. They also slow some sellers, who do not want to give up a lower rate on their current loan. That is part of why inventory is rising but not flooding. The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026, and 0.3% from June to July on a seasonally adjusted basis. Prices nationally are still moving up, just slowly.

New listings rose across the board

Every ZIP added new listings year over year. ZIP 95054 led with an 81.8% increase. ZIP 94089 added 58.8% more. ZIP 94087 added 29.8%. Even ZIP 94086, the smallest gain, still added 8.6% more listings than a year before.

Supply rose, but not to a level that tips things to buyers

Even with inventory up 66.7%, months of supply across these ZIP codes ranged from 1.1 to 2.3. That is still firmly a seller's market by any standard measure. Buyers have more to look at than last year. They do not have the upper hand.

What this means if you are selling

You have real demand to sell into. Pending sales are up. Sale-to-list ratios are above 100% in every ZIP. More than half of homes sold above list in five of the seven ZIP codes, per the Real Estate Data Aggregator.

The risk is price. Realtor.com counted 17.4% of listings in this metro with price cuts in September 2026. That share is not small. Homes that need a cut take longer and often sell for less than they would have at the right price from day one. The days-on-market numbers are creeping up in most ZIP codes, by 5 to 9 days in several. That is the signal to watch.

What this means if you are buying

You have more options than buyers did a year ago. In some ZIP codes, you have meaningfully more. ZIP 95051 had 67 homes for sale, up 123.3% from a year before. ZIP 94089 had 14 homes for sale, up 133.3%.

Rates at 7.49% are real friction. But demand is still there, and well-priced homes in ZIP 94087 are still going under contract in 9 days. If you are waiting for the market to soften sharply, the supply numbers do not support that. The choice is yours to make.

One note: these numbers cover all homes across each ZIP code. A single street or complex can read very differently from the ZIP as a whole. If you want to know what is happening on your specific block or in your building, send me your address and I will look at it directly.