Updating the Campbell Real Estate Market

Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is in a strong seller’s market that continues to outstrip 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 growing inch by inch with 13 active listings at the end of March, still just a drop in the bucket! 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 rose to 110.8% of asking – that’s red hot, though it is a hair behind this time last year’s numbers.
  • Average and median sales prices are up +7.9% and +6.4% from last year respectively, but haven’t moved too far from the month before.
  • Average time on market sped to just 9 days while market absorption slowed to a slightly longer 26 days.
  • Closed and pending sales continued to rise above last month and last year despite lower available inventory year-over-year.

The market in this popular west valley city is red hot overall!

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 – the Bay Area still has a severe housing shortage and buyers are 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:

 

Campbell Altos Real-Time Market Profile

The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a recent incline in market action paired with continually low inventory. Available listings remain 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:

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Campbell’s “Skull and Crossbones” House

Here’s a Campbell house which is always in the spirit of Halloween. If it has a name, as homes in Carmel always do, it should be called the  “skull and crossbones house“.

Campbell skull and crossbones house 1 Small

Have you noticed it? Look closely at the porch railing and you’ll spot an unusual design pattern cut into it. This house certainly has personality!

What do you think?  Is this good decor for a home year round?  (And it’s not even Halloween and this isn’t even my haunted real estate blog  since we’re talking decor, not spooks.)

Campbell skull and crossbones house 2

 

 

 

Appreciation in several west valley zip codes: median sale price year over year

Appreciation by west valley zip code for July median sale priceHome 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.

 

Median sale price for west valley zip codes

 

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