How is the Campbell real estate market? Campbell is in a prolonged strong seller’s market, but this summer we’ve finally seen some cooling in this popular West Valley community. As of the latest data, however, the single family market remains in the seller’s favor, while buyers have the advantage in the condo and townhome market.
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 of single family homes inched up a hair from the month before, and with 26 active listings at the end of September it remains well above this time last year. The inventory for condos and townhomes also grew month-over-month, and also remains sky-high year-over-year.
Closed sales for single family homes, on the other hand, fell below last month and last year, though pending sales were up across both timeframes. In the condo and townhome market the trends were the same, but far more severe!
The average sales to list price ratio for single family homes soared to 102.8% of asking, a jump of +2.0% from the month before, but down -1.1% from this time last year. Condos and townhomes, on the other hand, plunged by -3.5% month-over-month, falling below asking price at a 99.7% average and falling far below this time last year.
The condo and townhome market is typically much softer than the single family home market, so take this swing with a grain of salt – with just 5 closed sales, one or two outliers can cause significant swings in the sales data like we’ve seen this month!
Average time on market for single family homes slowed to a 48 day average, more than twice as long as the month before, and more than 2 weeks slower than this time last year. Sales in the condo and townhome market also slowed, and the days of inventory nearly doubled from the month before stretching to a jaw-dropping 226 days for market absorption.
What has been happening in Campbell this year? So far we’ve seen continued activity and interest in Campbell, but with distinct seasonal trends. The market began to heat up in winter and peaked early, around February or March. By late spring we saw some up and down month-to-month, but by June the sales data signaled a clear start of summer cooling. There was some up and down between July and August, which we expected, and the most recent data suggests we may still be seeing some late summer / early autumn jumps in activity, before it cools off again as we approach the holidays.
The Campbell real estate market remains in the seller’s favor overall, but is occasionally dipping towards balanced. Some properties are still seeing hot competition while others may be going stale.
The Campbell, CA Real Estate Market
It’s hard to predict what’s coming next, especially with so many shockwaves eminating from D.C.. Silicon Valley real estate tends to be affected by what’s happening in the tech market and connected to the global economy since 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 – the 2020s have been a rollercoaster ride! That said, Silicon Valley remains a desirable place to live and own property, and while we’ve seen some cooling over the last year, it remains one of the hottest markets in the country.
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 still been seeing the occasional bidding war, especially with the best homes in the most popular markets, though it’s nowhere near as crazy as the 2021 peak. We are also seeing a bit of that K-shaped economy in the housing market right now – the higher end market, especially in sought after communities, is seeing heated demand while buyers and sellers on the lower end or entry-level housing are seeing more softening. Inventory is up, but following years of below-average and record breaking low numbers of homes for sale there’s still far more demand than what is available, especially for a move-in ready home!
All that said, we don’t expect a balanced market any time soon. The Bay Area still has a severe housing shortage and a backlog of buyers clamoring to get into a home!
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:
And now – here are some quick stats, pulled from the MLS (Multiple Listing Service) through the RE Report.
Gilroy is a scenic area well known for wineries, farmland and fruit stands. More than anything, it’s most iconic produce is garlic, which is celebrated with the annual Garlic Festival, which had been discontinued but is now BACK! In 2026 it was the weekend of July 24-26. It was sold out, unsurprisingly. Clair went with my husband, her dad, and had a great time.
Please note: we have Gilroy real estate market data near the end of this article (for both single family homes and condos / townhomes).
In summer days, the scent of garlic fills the early morning air and blows north along the coastal foothills so that those of us in Silicon Valley get a healthy nose full when grabbing our morning paper off the driveway. This has been my experience since I was a small child and I’m happy that all the progress of the last 40 or 50 years hasn’t changed the smell of garlic heralding mid-summer.
If you’re exploring this city, be sure to also check out Morgan Hilland San Martin, the other South County communities, too!
Gilroy: shopping, dining, wine tasting, parks, golf, and more
A nice easy, and fairly fast trip by car will bring you to South County and to this city nestled at the base of the coastal range. It’s a wonderful day trip to explore the backyard of Silicon Valley, or better, take a whole weekend to get to know the area. There’s a nice downtown area where you can do some shopping and dining. Go out a bit and there are a number of fabulous wineries to check out. And lest we forget, Gilroy is a local epicenter of bargain shopping.
At the intersection of highways 101 and 152, the Gilroy Premium Outlet Mall is found. Go with the intention of spending money, because resistance is futile once you park your car. We have shopped there many times and often found some especially good pricing on clothes.
Many will attest that cars are found for a better price there, too.
This area is also home to a charming family amusement park (aimed at younger kids), Gilroy Gardens. Adults and children alike will appreciate the astounding topiary and twisted special trees which are unlike those you’d find anywhere else. Even if you don’t have small kids, it’s worthwhile to visit this park just to see the amazing trees at least once.
If you’ve never been, it’s worthwhile to visit Chitactac-Adams Heritage County Park, which is about a 7-8 minute drive from Hecker Pass Highway. My family and I visited there and spent about an hour learning about the native people who lived on that site before European settlers came. It was very informative and scenic.
Gilroy, Morgan Hill, Coyote Valley and nearby areas make up the “south county,” which has a little slower pace of living and quite a bit more affordability in housing. The commute is long. The summers are hotter. So there are some trade-offs.
Love golf? There are several courses here: Eagle Ridge, Gilroy Golf Course, and Gavilan Golf Course are all in town.
Yesterday on my way home from a final walk through on a property in Blossom Valley, I stopped by some open houses – following signs, just like a lot of consumers do. At one of the homes I spoke with a Realtor who’s starting to see a slowing in the real estate market. That hasn’t been my own experience, so I asked him about his take on things and he mentioned the rising inventory in areas where he’s active in Silicon Valley.
There are many ways to get a pulse on the market, but perhaps one of the easiest ways to check it is to see the sale price to list price ratio and the days on market. MLSListings, my local multiple listing service (of which I am a member), does some wonderful things with interactive graphs and charts, so I made use of that tool to see how San Jose is faring as a whole and also in some of the zip codes where I sometimes sell homes. The charts below are for single family homes (not condos, townhomes, duplexes, etc.) and are by zip code for all price ranges. Remember, stats are easily skewed one way or the other, and we might have seen different results if we teased it out by home size, lot size, school district, price point, presence of an in-ground pool, or any other factors. This is the “big picture”. First, then, San Jose as a whole.
What we see here is that homes are selling faster (shorter and shorter DOM or Days on Market) and a rising sales price to list price ratio. Both of these indicate a strong seller’s market for the city of San Jose as a whole. Next, we’ll list a sampling of zip codes in San Jose, primarily along the west side (where I tend to be more active in my sales) but not exclusively so. I’m putting these in numerical order.
In San Jose’s 95112 zip code, which is Downtown San Jose, it’s a mixed bag. The sale price to list price ratio is rising (seller’s market) but the days on market are also rising (softening market). This area would require more information – it could be that a few homes have been on the market for a very long time and skewing the stats, or homes in certain price points are just not selling. From this vantage, though, it looks like 95112 is mixed.
When the housing inventory drops, prices tend to rise, and of course the opposite is usually true also. If we look at the real estate inventory of homes for sale in San Jose over the last decade, it looks like this:
We can see that the inventory now is the lowest it’s been in a decade. And for those who remember what the market was like in 2005, the conditions are pretty similar: a frenzied seller’s market with price increases that felt unsustainable.
If we focus more closely on just the last year, here’s the view and a memory jog, for those who were paying attention to the real estate market here:
Here we are again, just like 2005. We know that real estate is cyclical. Where are we today? (more…)
The Silicon Valley real estate market is not just a hot seller’s market – it is a raging, out of control real estate market, especially in the areas closest to the high tech magnets. My husband, Jim Handy, pointed out to me today Forbes has an articles which lists the top 25 tech firms ranked by the number of job openings they have posted. Of the 25 companies named, half of them enjoy a very significant San Francisco Bay Area presence. These are the 12 local ones from the list of 25:
Oracle
Google
Apple
Microsoft
HP
Lockheed Martin
Intel
Cisco
Yahoo
nVidia
SalesForce.com
Symantec
Jim is a semiconductor industry analyst who actually understands what all of these powerhouses do. He told me “Interestingly, of these 12 only Intel & nVidia are semiconductor companies!!! So much for the ‘silicon’ in SIlicon Valley!!!”
Many of the statistics quoted by news agencies and real estate information analysts refer to the “active” inventory as not just the homes which are truly available, but also those which are sale pending but with contingencies still in place (whether huge contingencies, such as bank approval on a short sale or the normal ones, such as property inspection and loan approval). This often results in a more bloated look at what’s available than what is really the case, and it gives buyers the sense that it’s easier to purchase than it truly is. Let’s look at some statistics to see what’s happening over the last year, when it shifted from being a buyer’s market to a severe seller’s market for houses in Santa Clara County.
Normally there are more homes available (for sale, without a “sale pending” status attached) than there are closed sales each month. But right now, the available properties are being gobbled up much faster than new ones are getting put onto the multiple listing. Let’s view the graph to see the relationship between these two figures for houses listed and sold in Santa Clara County in 2012.
At the beginning of 2012, please note that the new listings (the red line) outpaced the sold and closed properties (green line). The delta between them shrinks over the course of the year, until in the fall they are nearly equal until closed sales far outstrip new listings. That is a complete flip in the market, and it represents a shift in power from the buyer to the seller, too. For those who prefer just the numbers, here they are: (more…)
Homes in Saratoga, especially in the Saratoga or Cupertino schools areas and in the lowest price ranges, are selling at an improved clip from a year ago.
Below please find charts indicating the overall residential real estate trends for houses on the market and sold over the last year in Saratoga, California. Of course the “market heat” will vary from home to home and area to area due to neighborhood quality, price point, newness of construction and condition of home, school district (especially), and acreage, among other things. So these general comments may not apply to your unique house, but will be a good indicator of the housing market in Saratoga generally.
First, supply and demand in Saratoga over the last year. The number of Saratoga homes on the market is up 31% year over year and the number of sold properties is up 72%. The trend line indicates a rise in both homes on the market and those sold. June’s inventory was a bit smaller than May’s. Will inventory continue to contract? If so, it will put pressure on home buyers because prices may begin to rise as the inventory gets better absorbed.
Please note that while the market is improving very noticeably, there are still far more homes on the market than are actually selling. Sellers, take heart that it’s improving but do not believe that the selling conditions are so changed that your home doesn’t need to be priced aggressively and staged nicely to get sold. (Even in a hot sellers market, some homes never do sell because of price and condition, primarily.)
Months Supply of Inventory (absorption rate) in Saratoga for single family homes (houses) has been declining and is down 26.2% from a year ago at this same time.
Finally, a look at homes between one and two million dollars in Saratoga (for sale, pending and sold). I wanted an overview of what the market is like in this fairly hot segment of the market.
This chart is helpful as it indicates price reductions and “days on market” as well as the current or sold prices. The clusters reveal that most homes that sell are selling pretty fast. Very few homes languish on the market more than 6 months before they are sold, removed from the market, or repriced dramatically enough to get a new MLS number and position in the market.
Homeowners: it is a better time to sell now than it’s been in recent history, and the market is moving into your favor (esp in the lowest price ranges). To maximize your home’s value when selling, it needs to be positioned to sell fast while buyers have the most interest in it. Buyers, the “shiny pennies” are being bought fairly quickly so if you see a good home in a good area with a good price, don’t wait too long to act. If you can buy a solid home with “good bones” that needs a little work, you’ll have far less competition then if you buy the turnkey home that everyone wants.
If you are interested in selling or buying a home in Saratoga, or anywhere in the west valley communities of Silicon Valley, please contact me for more market information that is relevant to your homebuying or home-selling needs. I would be happy to meet with you personally and discuss your needs and the current climate for buying and selling.
Helping nice folks to buy and sell homes in Silicon Valley
Mary Pope-Handy, Realtor ABR, CIPS, CRS, SRES
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
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.
The real estate search
Use this link to browse properties which are for sale, under contract (pending) or sold. Want to view only homes which are available now?
Mary Pope-Handy, Realtor ABR, AHWD, CIPS, CRS, SRES Christie's International Real Estate Sereno DRE License #01153805 408-204-7673 mary@popehandy.com “Helping nice folks to buy and sell homes in Silicon Valley since 1993”
Clair Handy, Realtor, GREEN Christie's International Real Estate Sereno DRE License #02153633 408-721-6160 clairhandy@sereno.com “Helping nice folks to buy and sell homes in Silicon Valley”
This is the Valley of Heart's Delight blog , covering Silicon Valley real estate - Santa Clara County, San Jose, Los Gatos, Cupertino, and nearby communities in the South Bay Area and lower Peninsula. Find info on neighborhoods, disclosure issues, buyer and seller tips, and housing market conditions in the west valley and most of the county.Please also see my other websites and real estate market statistics site, which are listed in the sidebar, above.
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Mary Pope-Handy, Realtor ABR, CIPS, CRS, SRES Sereno DRE License #01153805 408-204-7673 mary@popehandy.com
“Helping nice folks to buy and sell homes in Silicon Valley since 1993”
How is the Campbell real estate market? Campbell is in a prolonged strong seller’s market, but this summer we’ve finally seen some cooling in this popular West Valley community. As of the latest data, however, the single family market remains in the seller’s favor, while buyers have the advantage in the condo and townhome market.
