What does it mean when he calls me cute?

First off I want to say that he is a senior and has never had a girlfriend, and has never kissed a girl, so I know he's not a player. He's not gay either. He actually asked a girl that he really liked out this year, but she turned him down. Anyway, since about a month ago he has started calling my cute and adorable when I do something funny, or I fail at life (like when we were playing frisbee and I jumped up to grab the frisbee I fell over. Then I got up and bowed). He says things like you are too cute, and you are just adorable. He also laughs at everything funny that I say. Two nights ago it was my friend's birthday party and we were both there. We ended up hanging out most of the time. We were playing call of duty and it was my first time, so I yelled yes and got excited when I finally killed someone. He said I was too cute. The first time I noticed this happening was about a month ago when we were in a musical together. My character was a geek from the 80's, so I was wearing pig tails and a geeky dress. He came up to me and said I have no words to describe you but adorable. Then throughout the musical he started adding in things like you are too cute. We've been friends for a little over a year now, so this is all new. Does he like me, or are we just becoming better friends? Does he just think of me as his cute little sister? Any incite would be helpful! Also i'm a junior and I really like him, so am I just over analyzing?