How is the Campbell real estate market? Campbell is in a strong seller’s market that has finally outstripped this time last year. This article, updated monthly, offers data and analysis on the residential real estate market within this popular Silicon Valley community. Here are a few details from the latest update on Campbell’s single family housing market:
Inventory is still well below normal. Smaller pools of data can cause more dramatic swings in these statistics, so take these numbers with a grain of salt.
The average sales to list price ratio for homes sold last month dropped to 106.2% of asking – that’s still red hot, and completely overtaking last year’s August numbers.
The price gap between 2022 and 2023 has flipped with this August average and median prices up +10.0% and +11.6% from last year respectively.
Average days on market sped to 9 and market absorption sped to just 19 days. The best homes are being snatched up quickly.
August saw closed sales more than double month-over-month with a slight increase in pending sales and a massive drop in active inventory.
The market in this popular west valley city is red hot overall!
A quick look at the cost of starter homes in Campbell today
To supplement the info we normally provide here, let’s take a look at what it costs to buy a starter home in Campbell. For our study, a starter home is defined simply as a home with no more than 1,500 SqFt of living space. We only had 5 houses that match this description close in all of August, here are the averages for those homes:
# of sales – 5
Home size – 1,256 SqFt
Lot size – 6,644 SqFt
Days on market – 4
Average list price – $1,453,600
Average sale price – $1,563,000
Sale to list price ratio – 107% (minimum was 94%, maximum was 117%)
Age of home – 62 years
Price per SF – $1,251.96
And for move up houses with 1,500 – 2,000 SqFt:
# of sales – 13
Home size – 1,674 SqFt
Lot size – 7,636 SqFt
Days on market – 10
Average list price – $1,718,660
Average sale price – $1,823,373
Sale to list price ratio – 106% (minimum was 97%, maximum was 114%)
Age of home – 66 years
Price per SqFt – $1,091.46 (it is typical that a larger sized home will have a smaller price per SqFt than a smaller one, and it’s the reason why when pricing using comparable sales it’s ideal to stay within 10% of the home size)
The Campbell, CA Real Estate Market
It’s hard to predict what’s coming next, especially since Silicon Valley real estate is connected to the global economy and many buyers rely on stocks and mortgage loans to finance their purchase. On top of that, we’re emerging from an already wild few years!
If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale. We’ve been seeing more bidding wars, but not with overbids quite as high as last spring. Competition for homes has undoubtebly waned from it’s peak as buyers financial power shrank with rising interest rates. That said, with even fewer homes being listed this year there’s still far more demand than there is inventory, especially for a move-in ready home!
Desperate and worn out buyers want to get their foot in the door before they are priced out of the market altogether by either climbing interest rates or rising home prices.
Don’t expect a balanced market any time soon – California still has a severe housing shortage and buyers are still clamoring to get property!
Here’s a quick view of the Campbell real estate market stats from Altos Research, using list prices (not sales price) which updates automatically about once per week:
The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a recent decline in market action paired with steadily low inventory. Inventory remains well below typical, and these few homes continue to sell quickly.
And now – here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report:
Hunting for more Campbell’s most affordable homes for sale? It can be argued that nothing is either inexpensive or affordable, however we want to consider the Campbell real estate options relative to other Silicon Valley communities and their prices. There are always higher and lower priced properties.
Campbell’s most affordable homes: beware the price mirage
Sometimes the lowest listing price of a home on the market is not actually going to be the lowest selling price. It could just be bait. Some sellers and their listing agents vastly underprice houses, townhouses, and condos on the market in order to get an avalanche of offers. I refer to that as a price mirage – it looks good but isn’t real.
Don’t be fooled be an artificially low list price. Often a quick check of the property on Realtor.com can provide some decent pricing input. The pages for listings usually include a RealEstimate section that features up to 3 auto comp values. These automatic valuations aren’t foolproof, but if a house is listed for $900,000 and the Realtor.com page suggests a value of $1.6 to $1.8, you are put on notice that it may be grossly underpriced. You can check the other large portals, too, as a reality check on values.
Elements that create opportunity to get more home for your money
Every city, town, and community has more and less affordable pockets and properties. Campbell’s most affordable homes for sale may have one of these elements at play.
The pricing variation often has to do with a few major areas: (more…)
Is it a good time to sell a home in Silicon Valley? One of the best ways to get a pulse on the real estate market with an eye to selling or buying is with the months of inventory (MOI), also known as the absorption rate. This is the months of supply of housing for sale.
The months of inventory tells us how fast the current inventory of properties will be sold off if sales were to continue at the same rate with no new inventory were to come on the market.
The easiest analogy is with a bathtub full of water. If we added no more water to the tub, and the drain were opened, how much time would it take for the water to be depleted if it continued to empty at the same rate? That’s the question being answered with the absorption rate of inventory.
Or, simpler still, if you have an hourglass that you turn over, how long does it take for the sand to empty from the top (since you cannot add more sand to that end)?
How to calculate the months of inventory or MOI
The way to calculate the months of inventory is simple: find the current available inventory of homes for sale (not under contract or sale pending), then find the number of homes with that exact criteria which have closed escrow in the last 30 days. Divide the first by the second and you get the months of inventory. Or, I can just use the stats program on the MLS to generate that number, as I did today.
Earlier I pulled this data from MLSListings.com, our local MLS association (of which I am a member) and I ran the numbers for single family homes (houses and duet homes) in Cupertino, Los Altos, Los Gatos, Monte Sereno, Mountain View, Palo Alto, San Jose (all areas combined), Santa Clara, Saratoga, Sunnyvale. Separately, I also ran this same query for the City of San Jose by district.
The months of inventory by city or town in Santa Clara County
A balanced market for our area is 2-3 months of inventory (for most of the US it’s 4-6 months). Two months or less is a seller’s market, and one month or less is a very hot seller’s market.
Here’s a look at the months of inventory by city or town in SCC in April 2023 for single family homes. As you can see, the vast majority of the county is a strong seller’s market, with the only exception being Los Altos Hills.
Which are the hottest markets? They’re the ones with the smallest months of inventory -Sunnyvale, Santa Clara, Cupertino, Milpitas and many more are well under the 2 month market. A few are a tad higher and in the “balanced market” area, and only one is in a deep buyer’s market.
The months of inventory by area within the City of San Jose
The Cameo Park West neighborhood is located close to where Los Gatos, Campbell, and Saratoga meet. It’s actually in the City of Campbell but has a Los Gatos mailing address. This is a tidy community bordered by Pollard Road, San Tomas Aquino Creek, the Highway 85 freeway, and Rolling Hills Middle School.
The 122 or so homes here were built in 1966 and 1967 by one of the better tract builders in the area, Leep Homes. Houses range from 1380 square feet to 2620 SF, and lot sizes run between 6000 SF and about 12,600 SF. A typical home might have around 1800 SF and be situated on an 8000 SF lot. The houses have thoughtful floor plans and the bedrooms and living areas are usually a good size.
Leep homes tend to have a fairly consistent layout – here are the 1 story home traits
most are single story homes
front porch with two bedrooms facing the front (sometimes one goes further into the front yard than the other)
formal entryway, often with double doors
step down living room straight ahead from the foyer (the rest of the house is all the same level)
fireplace located on side of living room closest to kitchen – it’s often a two way fireplace
kitchen (and sometimes also a family room) just behind the garage
laundry in the attached 2 car garage but close to the kitchen, usually immediately next to the door from the garage to the kitchen
bedrooms are all down a hall in the opposite direction from the kitchen. Just before the master bedroom suite there will be the hall bath (then inside the master suite, the owner’s bathroom and then bedroom)
the master bedroom faces the back yard, often leading to a patio shared between the kitchen (family room) and living room
central, forced air heat
no formal dining room (but plenty of space in the kitchen for eating)
sliding glass doors from the master bedroom, the living room and kitchen / family room
Below is a pan of one of the streets in Cameo Park West, taken in 2011.
Strengths and weaknesses of the Cameo Park West neighborhood
It’s very easy to list the strengths of this neighborhood: it’s very clean, well kept, had a good builder, convenient location (close to two schools and only a block or two or three to Safeway and nearby shops). Major shopping is within easy reach at Westgate, El Paseo and nearby (appx 7 minute drive). For those wishing to take Lawrence Expressway, it’s a breeze – just hop onto Quito and it becomes Lawrence, making a lot of commutes simpler, easier and faster. For Los Gatos, this location is closer to places like Apple, Google, and other high tech centers (as compared to downtown Los Gatos or east LG).
The elementary school is Marshall Lane, the middle is Rolling Hills and the high is Westmont. Both the elementary and middle enjoy high scores on the major school assessment websites.
The negatives do not impact everyone, but that said, they do exist. At one end of the neighborhood, there’s super close proximity to Highway 85, to the train tracks and to the high voltage power lines and towers. Those are never a plus.
Many homes along Elwood back up to Rolling Hills Middle School. Is that a negative or a positive? That really depends on your point of view, and some would prefer to back to a school yard than to another house. But most buyers would prefer another location for their home.
What do homes cost in the Cameo Park West area?
Like most of the 95032 zip code, it’s unlikely to find a house for under $1.5 million there today (if you do, it is likely in “fixer” condition). To be able to purchase one of these homes, be prepared to pay between $1.7 million and $1.8 million in most cases. Of course, it could always be less or more depending on exact location, size and condition of home, plus the marketing situation (is it easy to see, is it clean and without bad odors, has it been fairly updated etc.).
Often I have clients who are interested in purchasing a 4 bedroom, 2 bath home in a good school district in Silicon Valley, particularly in the South Bay and West Valley areas. But what does it cost to buy that “average home”? Tonight I did a study on the MLS of homes that have sold and closed escrow in the last 4 months with these characteristics:
single family home (house)
2 full bathrooms
1800 to 2200 square feet of living space
6000 to 10,000 sf lot
Disclaimers aside, here are the numbers for select West Valley Communities in the West/South Bay area with good schools.
Cost to Buy 4 Bed 2 Bath Home in Popular Silicon Valley Communities
The first number is the number of sales during that time (more sales = more reliable averages). This one is not in the older charts, but with inventory as low as it has been lately this makes a huge difference. The second number is the average sales price per square foot, the third number is the average sales price, and the last number is the average days on market:
And now a look back to late winter, early spring of 2017…
What’s changed? A lot! The order has shifted some, showing where demand has increased or decreased. Most noticeably, the prices are mostly up significantly, which is most noticeable in the price per square foot. Cambrian has traveled a good deal up the ladder. Palo Alto and Los Altos were displaced by the sole Saratoga sale, and Blossom Valley of San Jose remains in it’s regular position at the bottom.
The home prices tend to run with school rankings. Previously this was by district API scores. You cancheck the 2013, three year average, API scores in Santa Clara County for both the districts and the individual schools online here, however that system is no longer used. So how to people judge? Most buyers use sites like GreatSchools.org when looking for a home with good schools which ranks schools on a scale of 1-10 in a few categories. (more…)
One of the prettiest townhome communities in Santa Clara County is Vizcaya, which features a Mediterranean style of architecture in a community that is extremely tidy and well maintained. Driving in, it feels like you’ve just arrived at a resort.
Where is Vizcaya?
The Vizacaya neighborhood is in San Jose just off S Bascom and Curtner Avenues, but is close to the Campbell border and confusingly, has a Campbell mailing address. The community’s streets are Vizcaya Circle, Vizcays Way, and Pescara Court. The location is very convenient, with easy access to shopping, bus lines, and major traffic routes.
What are the homes like at Vizcaya?
Built between 1990 and 1996, these 92 townhomes are younger feeling and tend to have fairly open floor plans and plenty of large windows. The home sizes range between 2396 SF and 2656 SF, but many are so nicely designed that they tend to feel like single family homes. Lot sizes average around 4,100 SF (pretty big for a townhouse). The parcels range in size from 2480 SF to over 10,000 SF but most are 3000 – 5000 SF.
The homes in the Vizcaya community are condominiums with a townhouse architectural style. (Some townhouses are held in PUD ownership. In some locations, such as Almaden and Los Gatos, there are houses which are condos – or held in condo ownership.) There’s a small pool and spa at the center of the complex for residents to enjoy. The day I took the photos shown in the gallery, below, painting was ongoing next to the pool, so it isn’t shown.
What does it cost to buy a townhome in Vizcaya?
These upscale properties don’t come on the market too often, but if you are lucky enough to find one available to buy, chances are that it will cost over 1.6 million or a more (as of this writing in 2022).
Vizcaya homes for sale, pending, or sold in the last 12 months:
It can be really challenging for people moving to Silicon Valley to get a sense of real estate prices, and perhaps more, comparing cost of from one town or district to another.
One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?
So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara County / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. Because some areas have had a scarcity of inventory, I’ve added an addition to the chart titled NoS for Number of Sales within the given range.
Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analyzing this is the “price per square foot” figure. Whenever I update the chart, I re-arrange the order of the cities from high to low based on the price per square foot, although there’s usually minimal movement.
Within this range, Campbell only had one sale over the last 90 days, so data for that segment may or may not be a good average. Both Los Altos and Saratoga had no sales within the last 90 days within these criteria, so their searches have been expanded to 0-180 days (or 6 months / half a year) and 0-120 days (or 4 months / a quarter year) respectively to provide data for comparison for this chart. Now that we have the data, let’s analyze it!
The 7th annual Egyptian Festival of San Jose is later this month, August 22nd and 23rd, in Campbell. It is hosted every year at the St. George and St. Joseph Coptic Orthodox Church. The church is also a great place for those who appreciate architecture, as it is the only church in Northern California which features Coptic architecture.
As with most festivals around the valley, food will be a key feature, and a delicious one! There will be food for carnivores, vegans, and sweet tooth-ed people alike. Entertainment is plentiful with live music and family friendly dance performances. There’s even a movie night! The evening on the 22nd, there will be a classic Egyptian film (English subtitled) shown under the stars. The Kids Zone will have carnival games, face painting, and henna. A Bazaar will sell Coptic goods, souvenirs, Egyptian clothing, and much more. A silent auction will also be held. The church will be open with presentations for those who are interested in learning about the rites and rituals in Coptic Christianity, living in Egypt, or take a class on Hymnology or Iconography, and those who would like to enjoy the architecture.
Less than a mile from the Los Gatos Creek Trail, why not bike over and get your fill of the fun at the Egyptian Festival.
For more information visit the festival’s website. You can also like them on Facebook to hear more about updates and events.
Home values in Silicon Valley have been rising over the last few years, and in some segments the appreciation has been incredibly steep. This happens when a big influx of home buyers want to purchase but the supply of real estate inventory is too limited for the demand. This is happening in the most popular areas especially: those with either short commutes, great schools, a vibrant downtown, or some combination of these three.
Today I wanted to look at the median sale price of houses which closed escrow in July 2014 and the preceding few years for the same month only in a handful of zip codes in San Jose and Los Gatos along the west valley areas. Considered for this study are 95070 – Saratoga, 95030 7 95032 – Los Gatos & Monte Sereno, 95008 – Campbell, 95124 – Cambrian area of San Jose, and 95120 – Almaden Valley area of San Jose. The only month plotted is July for each year.
When charted, it appears that most of these west valley areas are appreciating somewhat steadily, though 95032 came down in the month of July 2014 as opposed to 2013 (one month does not make a trend, and please remember that ONLY July for each year was considered here). At the other end of the spectrum is Campbell, 95008, which has been immensely popular in recent years.
Next let’s take a look at the numbers themselves for July in the years 2010 – 2014.
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
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