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.
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 fell below the month before, but with 27 active listings at the end of July it remains above this time last year. The inventory for condos and townhomes slipped a hair month-over-month, but has practically doubled year-over-year.
Closed sales for single family homes shot up while pending sales shrank a hair month-over-month, but both look pretty stable year-over-year. In the condo and townhome market, however, closed sales grew, but it was pending sales that skyrocketted, almost double the month before and more than that year-over-year!
The average sales to list price ratio rose to 102.9% of asking, an increase of +2.6% from the month before, and up +4.0% from this time last year. Condos and townhomes also saw a growth of +0.9% month-over-month, still below asking price for the second month in a row since before spring with an average of 99.1%, slightly cooler than last year. Although the condo and townhome market is clearly softer, both picked up a little momentum.
Average time on market for single family homes slowed to a 23 day average, while market absorption sped to 43 days. While the condo and townhome market saw similar trends the averages were starkly cooler with a 60 day on market average and 133 days of inventory.
What happened in Campbell last year? Looking back, the market in this popular West Valley city saw clear market heating in February 2025 which continued into early spring. Throughout last summer we saw more ups and downs, but with growing inventory the market grew slightly calmer. By late summer, however, inventory slipped and activity picked up causing the market to heat again. Autumn kept up the momentum with minimal inventory, though the market summaries often showed lower prices, suggesting that activity may have been more concentrated in the entry-level market, which is what we saw in practice as well. While there was further cooling into winter, the data showed that Campbell closed out 2025 with plenty of demand and market heat, and severely lacking in inventory once again.
So far this year we’ve seen continued activity and interest in Campbell with market heating beginning in winter and peaking early. By late spring we were seeing some up and down month-to-month, but the June sales data signaled the start of summer with clear cooling across both markets. Although it’s picked up some in July, we’re expecting there may be some ups and downs through the rest of summer, possibly with a late summer jump 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 homes 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.. Since Silicon Valley real estate is connected to the global economy and many buyers rely on stocks and mortgage loans to finance their purchase, and we have been seeing an impact on the local housing market. On top of that, we’re emerging from an already wild few years – the 2020s have been a rollercoaster ride of a decade! 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. 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, rising home prices, or a volatile stock market. After years of below-average and record breaking low numbers of homes available there’s still far more demand than there is inventory, 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.
The Saratoga CA real estate market in July was similar to June with some mild softening. This may just be seasonally normal, but it seems to be a little more than typical.
Monthly trends at a glance for the Saratoga CA Real Estate Market
DATA REMINDER:Please note that the RE Report data is often a LITTLE different from the numbers when I pull them directly from the MLS. This is because the RE Report has a feed only of listings that were input by the listing agents directly into MLS Listings. That feed does not include anything from Bay East, CRMLS, or other MLS companies.
The average and median salele price rose annually, but fell monthly. Last July there were only 12 sales, though, so it’s not a large pool and may be skewed. The larger the pool of data, the more helpful it is.
Santa Clara County’s inventory crisis has had a few encouraging months here and there, but it’s a far cry from “normal” levels! Today we’ll check the data and see how our current levels of homes for sale compares to the last 10 or 25 year period. Is it really so bad? And when will it rise?
This afternoon I ran the statistics on MLSListings, and here’s what I see for available listings of single family homes in Santa Clara County (the greater San Jose area). In summary, inventory of available homes for sale is about one-third of the average of the last 25 years and it’s far lower than even the last 10 years overall. For more, keep reading below. Please note that Dec 2024 is recorded for today, and the number at the end of the month is likely to be lower than this one:
Santa Clara County’s inventory tables (two versions)
First, all data side by side. This is small to fit the blog formatting, but if you click on it, a larger version will pop up in a new tab or window for better reading. OR, keep scrolling and the same data will be provided stacked rather than side by side later in this article. Also further below the 10 year average inventory by month is included along with the 25 year average.
Here’s the same info, but not as wide across (so hopefully it won’t be necessary to click to view a larger version).
Multiple offers are common right now in the Silicon Valley real estate market. With them typically come overbids and sky high sales prices. Clair and I have shown several homes that our buyers did not bid on but which got many offer contracts and which sold for 15 – 20% over list price just over the last 30 days or so.
The hottest part of the market seems to be properties under $2 or $3 million, depending on the area.
When there are tons of buyers lining up to purchase a home, the sellers have usually put a substantial amount of time, energy, and money into making their property look fantastic, and they also take a risk in pricing it low to attract a large number of home buyers.
Multiple offers are common when property sells fast – but it doesn’t always!
When there aren’t multiple offers, it could be location issues, condition of the property (or neighborhood), overpricing (the most common culprit), difficulty in viewing the home, or other missteps on the selling side. Buyers today want a turnkey home in a superior location that’s in great shape – not remodeled 20 years ago or more – and they will pay a premium price for it.
When homes have been on the market for 3 weeks or more, this may be a great opportunity for buyers to be the lone bidder on it. Does it have the right things wrong? Can what is off be fixed? Is it only overpriced? I would suggest buyers focusing on all of the inventory and not just the hot new inventory.
Why is it that multiple offers are common now?
There are a couple of reasons why homes that are in great shape, priced low, and given good exposure to the market are selling so strongly now.
First, there is a dire shortage of inventory, or lack of supply. This is a chronic problem, but it’s acutely so now due to the higher interest rates and home owners not wanting to sell. It’s unlikely for this to change anytime soon, unfortunately.
Second, because Silicon Valley residential real estate has a long track record with good appreciation, those who can buy want to do so. Many are empowered by the rising stock market. If they are here for the long haul, buying makes more sense than renting.
Many are purchasing with more than 20% down, and they will watch for an opportunity to refinance.
Others are buying all cash. Those buyers may be anywhere from 15% to 35 % of the successful home buyers.
The inventory crisis will likely improve a little as the year goes on because inventory normally rises with the peak being somewhere in the summer most years. No guarantee – sometimes it doesn’t behave “as usual”.
How can you tell if a home is going to get multiple offers or what the selling price will be?
These are really two different, but related, questions. (more…)
Silicon Valley real estate market predictions – it’s time for a mid-December 2023 update. As always, this is a best guess based upon the major influences that we see at play.
My Silicon Valley real estate market predictions in brief:
Home prices in Silicon Valley have been rising this year. They hit their trough or low point one year ago.
Interest rates are down from their peak. That often happens this time of year since rates are also impacted by supply and demand.
Inventory remains painfully and increasingly low as sellers do not want to sell. This is likely to remain the case. The bottom line is supply and demand. If demand remains strong and inventory low, prices will go up and only be tempered by the rate issue. That’s what we are seeing now. Many buyers are sitting this market out, but those who are active continue bidding prices up.
Many factors could swing the market one way or the other: Covid (new variant is more immune evasive), layoffs, the stock market, how much rates rise, a big quake, weather and disaster related issues, and more.
Home prices are up from a year ago but still down a little from the peak. If the current trends continue, though, we’ll surpass that peak in not too long. And that is precisely my prediction.
The low point in pricing is usually in January, but sometimes a month earlier, and the contracts for those sales are ratified 30 days before that (so November or December). If you can find a good home to buy, this will probably be the best possible time to do it. (If interest rates go down more in 2024, it would be wise to refinance.)
Mike Simonson of Altos Research says that if interest rates go down, inventory will also decline since people are more likely to hold onto their first home when moving up if they can swing it without having to sell the first place. Check out his YouTube page here.
Many buyers are waiting this out. I believe that they risk being priced out of the market if the typical pattern continues and we see large price jumps in the new year. I expect home prices will rise in the first half of 2024, which is often the case.
3 minute video on the current market and future predictions
I just re-watched this video from two months ago. It’s still applicable, with one change: the market has heated up a little and I would no longer call it sluggish. We are often finding homes getting 10+ offers if they are good.
Supply and Demand + Seasonal Patterns
This odd market with home prices rising despite interest rates rising comes down to highly motivated buyers fighting over a scarcity of homes for sale. Below is a chart from MLS Listings which displays the inventory of active listings of single family homes (houses and duet homes) from January 2004 to today. Since we are close to the end of September, I am including the month to date.
Take a look:
Data from MLS Listings, overlay and interpretation by Mary Pope-Handy.
From about 2006 – 2012 we had the impact of the financial collapse with many foreclosures and short sales inflating the number of listings. Beginning in 2013, though, the market followed more normal seasonal patterns. Since then, most years the peak of inventory came close to 2000 houses on the market (except in 2017, when prices skyrocketed). From 2020 on, meaning the pandemic years, inventory has not gotten close to those levels.
This lack of inventory is the main issue, and the corresponding result is increasing home prices.
Why is inventory so low? As of today, October 26, 2023, there are 796 single family homes for sale in Santa Clara County (population appx 2 million people). A year ago it was about 1165 and the end of October. Where have all the listings gone? And when will it get better for home buyers? (You can check Santa Clara County inventory and other real estate stats on this blog.)
Why is inventory so low: historical perspective, how low IS it?
Here’s a look at our houses for sale from Jan 1999 to today. Please note that the MLS has a problem with its data sharing feeds, and if I pull this same info in a month, some of the numbers (not just this month) will likely change.
Inventory Averages:
Inventory Oct 1999 through October 2022 (only Octobers, 24 months) = 2640. Inventory was bloated during the Great Recession, so that’s not representative of “normal”.
If we consider just 2013 – Oct 2022 (10 Octobers), which I think is much more typical, the average inventory is 1403.5
The current inventory level is 57% of the last 10 years and 30% of the last 24 years (not including 2023 in the averages).
The lack of inventory is causing a lack of sales, layoffs in various real estate related industries, and pretty much economically challenging for Realtors, lenders, title and escrow people, inspectors, stagers, photographers, and anyone else involved in the buying and selling of homes.
We have a supply and demand imbalance, with demand outpacing supply but available homes for sale low.
Why is inventory so low? What is causing the shortage?
Next, let’s consider the root causes of the problem, and which ones may not be ongoing. (more…)
Listing syndication matters to buyers and sellers, even if they don’t know it!
What is listing syndication?
Listing syndication refers to the distribution of listings of homes for sale to other websites from the multiple listing service or MLS. The information about the home is input into the MLS for members online, and also for those visiting the MLS directly as guests or those receiving email updates from that system. When it’s sent further, say to Realtor.com for example, that’s syndication.
Put more simply, listing syndication is distributing and displaying listings online.
Today most listings can be found on real estate web portals large and small, including real estate agents’ own websites (we have it, too). On real estate agent websites, that is accomplished through either an IDX feed (Internet Data Exchange) or VOW (Virtual Office Website). The main difference between IDX and VOW is that with the VOW more can be displayed, but it’s behind a login / password wall. The IDX feed shows information without having to register.
The inventory of available homes to buy is painfully low throughout San Jose, Santa Clara County, and Silicon Valley. When will inventory begin to rise again? I’m getting this question from many of my home buyer clients right now.
When can we expect inventory to increase?
There are seasonal patterns which become clear with a few images. Here’s a view of San Jose’s real estate listings inventory over the last few years: it gives a good idea of how far out of balance the supply and demand formula is. The amount of housing supply normally is lowest in December and January, and it usually begins to increase after the SuperBowl or by the middle of February.
In the chart below, you can see a marked point downward at around the 1st of each year. In recent years, though, that’s not the only time when it dips to the low side. Also it should be noted that we have seen lower inventory in the last few years – just not during this season.
If we step back and consider all of Santa Clara County instead, the pattern looks much the same. (more…)
Today we’re looking at the real estate market for houses in some of the “west valley” communities along the base of the Santa Cruz Mountains – areas where schools are good, crime is low, residents enjoy scenic views of the hills (or of the valley from the hills, depending on the location) and overall, a highly educated population not too far from Highway 85. This will be a real estate market comparison for Los Gatos, Saratoga, Cupertino, and Los Altos.
Of the four municipalities, three are really very similar to each other in several regards. Cupertino has the largest population – about 61,000 people – but Los Altos, Los Gatos and Saratoga are all similarly sized, somewhere between 31,000 residents. The latter three also enjoy a traditional “downtown” area which is popular with pedestrians, bicyclists and motorists alike. (Monte Sereno has under 4,000 residents, which is so small that the statistics are very easily thrown from month to month, so it is omitted in this quick study.) Of the four, Cupertino, then, is the least similar due to size and lack of a central downtown area for now. This may feel different once the Vallco Mall is redeveloped.
We’ll take a quick look at these areas now in terms of the real estate market trends and statistics for each area, considering just “class 1” (houses and duet homes). The charts used below are from Altos Research, to which I have a subscription, and they will be automatically updated each week.
Please note: the Los Gatos data is probably a little artificially low as it will include all 3 zip codes, meaning also the Los Gatos Mountains, which are quite a bit more affordable than the areas “in town”.
In addition, as of this writing we are in the shelter-in-place phase 1 of the pandemic. This post is updated approximately every quarter or half-year, so we’re just starting to see the results of these changes to the market, but it will take a while to see the full picture. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.
Also, during the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.
It’s a January that feels like March, if a dry one. The weather is clear, mild, and temps are sixty to seventy degrees, the skies are blue and trees are beginning to blossom – a great environment for house hunting. Is it too early in the season to begin your search for the right home in Silicon Valley?
Each prospective home owner’s situation is different, but for many people, January is a great time to jump in with house hunting, before the Super Bowl, Valentine’s Day or some other point a little later in the calendar year.
Weather, Inventory, Interest Rates and Silicon Valley house hunting
First, to note the obvious: there is no weather related reason to wait. (Sellers: pay attention!)
How bad is it? I’m on the MLS right now. For single family homes (houses and duet homes) in Santa Clara County, there are 411 for sale right this moment which are not sale pending or under contract. This is for the whole county, where there are 1.8 million people residing.
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.
Silicon Valley real estate market predictions – it’s time for a mid-December 2023 update. As always, this is a best guess based upon the major influences that we see at play.
It’s a January that feels like March, if a dry one. The weather is clear, mild, and temps are sixty to seventy degrees, the skies are blue and trees are beginning to blossom – a great environment for house hunting. Is it too early in the season to begin your search for the right home in Silicon Valley?
