How is the Campbell condo and townhouse market? The answer may well depend on both what part of that market we’re discussing and which data we’re focusing on.
The Campbell Condo Real Estate Market Summaries for Summer 2010
The summaries here are from my Real Estate Report. Get the most current, detailed report at www.popehandy.ReReport.com.
Campbell condominium & townhouse sales in September 2010
The condo market in Campbell, California has been strengthening. September 2010 was a good month!
|Trends At a Glance||Sep 2010||Previous Month||Year-over Year|
|Median Price||$410,000||$375,000 (+9.3%)||$377,500 (+8.6%)|
|Average Price||$394,463||$359,600 (+9.7%)||$350,875 (+12.4%)|
|No. of Sales||15||10 (+50.0%)||8 (+87.5%)|
|Pending Properties||21||26 (-19.2%)||25 (-16.0%)|
|Active||35||41 (-14.6%)||19 (+84.2%)|
|Sale vs. List Price||98.3%||96.5% (+1.8%)||102.0% (-3.7%)|
|Days on Market||63||53 (+18.1%)||81 (-22.4%)|
August 2010 Condo Sales in Campbell CA
August was slow across Silicon Valley – real estate sales lagged (more than the “seasonal average”)
|Trends At a Glance||Aug 2010||Previous Month||Year-over Year|
|Median Price||$375,000||$430,000 (-12.8%)||$465,000 (-19.4%)|
|Average Price||$359,600||$412,667 (-12.9%)||$439,000 (-18.1%)|
|No. of Sales||10||3 (+233.3%)||11 (-9.1%)|
|Pending Properties||26||20 (+30.0%)||16 (+62.5%)|
|Active||41||40 (+2.5%)||30 (+36.7%)|
|Sale vs. List Price||96.5%||96.9% (-0.4%)||99.2% (-2.7%)|
|Days on Market||53||78 (-31.7%)||71 (-25.1%)|
July 2010 condo market for Campbell, CA
June saw the market slow, and like much of the Santa Clara Valley, prices were up but sales were down. When this happens it sometimes means that home values aren’t rising, just that more expensive homes are beginning to sell, but in Campbell we are now seeing modest price appreciation.
|Trends At a Glance||Jul 2010||Previous Month||Year-over Year|
|Median Price||$430,000||$400,000 (+7.5%)||$515,000 (-16.5%)|
|Average Price||$412,667||$379,785 (+8.7%)||$522,125 (-21.0%)|
|No. of Sales||3||13 (-76.9%)||8 (-62.5%)|
|Pending Properties||20||25 (-20.0%)||17 (+17.6%)|
|Active||40||31 (+29.0%)||40 (0.0%)|
|Sale vs. List Price||96.9%||99.0% (-2.1%)||98.9% (-2.0%)|
|Days on Market||78||46 (+69.4%)||57 (+35.0%)|
More detailed info from late June, 2010:
The absorption rate, or months of inventory, indicates that it’s a seller’s market:
|Campbell||Active||Closed||Months of Inventory|
The hottest segment is the bank owned or REO part of the Campbell condominium or townhouse realty market, and the slowest segment is the short sale section (which is about 20% of the available inventory). That’s very typical of other nearby areas: the hardest homes to sell are the short sales. As a side note: there are 39 condos available and 29 which are sale pending. That is a high ratio, which also points to a seller’s market.
How does this compare to a year ago? It’s completely different!
A year ago, the months of inventory was a whopping 72% higher at 8.8 for May 2009 vs 2.5 for May 2010. Solds are up 42% from 12 months ago. Pending sales are up 200% from a year ago also. So from every vantage, it’s much, much better than a year ago.
What about other data? I have a subscription to Altos Research, which also charts the market but does it a little differently. Often the numbers I crunch line up but sometimes theirs is an opposing view. Here’s their current summary, which puts this market as a buyer’s market, not a seller’s market:
I like the fact that they track flipped homes, relisted homes and the percent of properties with price decreases. This is especially important when you consider how many homes may get a price change and then a new MLS number, which may confuse some of the statistics.
Altos also breaks down more info by price quartile (they use list prices, not sales prices, for this info). What I like about the following chart is that it gives you an idea of what your money will buy. (Seeing 4.5 bathrooms is throwing me, though – I don’t recall ever seeing a condo or townhome with that many bathrooms anywhere!) Also of interest: the majority of condos or townhouses in Campbell seem to be around 1300 SF with 2 bedrooms and are offered somewhere in the 400’s. That’s useful information for buyers and sellers alike.
So what can we say about the conflicting assessments of the Campbell real estate market for condos and townhomes?
I think Altos has some valid concerns about the long days on the market – 88 DOM does not sound like a “seller’s market”. I looked at the pendings to see if I could blame short sales – but even among pendings that are “regular sales”, the DOM is 64 (it’s actually less among short sales, oddly). That’s pretty long. We tend to think of a seller’s market as being applicable when homes sell in 3-4 weeks. Two months is a bit much to call it a seller’s market. Of the seven “normal type sales” which are pending, only two of them sold in under three weeks.
All in all, I think it shakes down to a fairly balanced market right now. It’s not a bad time to sell, and it’s not a bad time to buy a Campbell condo. Search Campbell condo listings now!
Campbell CA Condos for Sale, Campbell Townhouses for Sale, Campbell Condominiums for Sale
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(all data current as of 12/6/2023)
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