Campbell Real Estate Market Update, Nov 2009
Saturday, November 14th, 2009The Campbell real estate market appears to be “past the bottom”, as is the case with much of the Silicon Valley housing market. In some parts of San Jose, “the bottom” was in February or March of this year. Campbell may have hit that point sooner – but in any event it is now heading back toward a balanced market (30 is the balance point for this formula). (Images and charts from Altos Research, to which I have a subscription and permission to use these, as well as the RE Report, another subscription service of mine. Altos uses list prices, the RE Report uses sold data as well as list prices.)
Let’s look at the data for October in Campbell – actives, pendings, and closeds (care of the RE Report).
| Trends At a Glance | Oct 2009 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $671,500 | $697,500 (-3.7%) | $730,000 (-8.0%) |
| Average Price | $717,461 | $760,850 (-5.7%) | $783,941 (-8.5%) |
| No. of Sales | 28 | 20 (+40.0%) | 17 (+64.7%) |
| Pending Properties | 42 | 39 (+7.7%) | 18 (+133.3%) |
| Active | 55 | 68 (-19.1%) | 105 (-47.6%) |
| Sale vs. List Price | 96.1% | 98.6% (-2.5%) | 96.1% (0.0%) |
| Days on Market | 36 | 42 (-14.0%) | 77 (-53.5%) |
While in many parts of the greater San Jose area the Days on Market (DOM) are lengthening, they are shortening in Campbell! Sales are up, but prices are still declining a bit (in several areas of Santa Clara County, prices are again inching up – this tends to happen in less expensive areas). Pending sales are up and inventory is down. So there are some mixed indicators but Campbell appears to be at or near “the bottom”.
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