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The Campbell real estate market is leveling out and even improving in many regards but it does remain a buyers market there now. In this look at the real estate market in the city of Campbell, we’ll use tools and data provided by two subscription services I have, Altos Research and The Real Estate Report, and also I have crunched some numbers from our MLS myself. We will review both the situation for buyers and sellers of houses as well as condos and townhomes.

How is the Campbell housing market? Data from Altos Research.

Altos Research analyses the Campbell real estate market as a whole using list prices (not sold prices – I will use sold prices further on in this post). To get an overview of how the market’s doing, Altos created the “median market action index”. This is an overview of how Altos perceives that the real estate market is doing, factoring in prices, days on market, etc. Below is the median market action index for Campbell (the 95008 zip code).

Altos states that “A value above 30 indicates demand is relatively robust, we call that a Seller’s Market. Below 30 is a Buyer’s Market.” So we can understand that the condo market seems to be improving now and fthe single family home market has been bouncing up and down within a small range since July or so. (Tthe chart below should report whatever is most current, thanks to my having used a little html magic.)

Inventory in Campbell had been rising, but recently is leveling off:

List prices, too, were falling among houses and condos in Campbell, but they have also leveled off now:

For most of the year, the real estate trends have not been too extreme for house sales in this city. For sellers of condos and townhomes, though, it’s been rougher. This is true countywide – condo sales are more sluggish generally.

Next, a view of the Campbell market using sold data (rather than list prices).

Let’s look at the months of inventory for Campbell real estate, also known as the “absorption rate”. The single family homes are showing shrinking months of inventory and are now at under 6 months, which the National Association of Realtors calls a sellers market. (Sellers here would disagree about the market conditions, no doubt.) The condominium and townhouse situation has been a little more challenging for much of this year, but now appears to be inching close to the six-month mark. (Chart below created by me, info from our MLS provider, MLSListings.com, numbers crunched by me.)

 

 

Viewed this way, the real estate market for single family homes in Campbell doesn’t look so bad at all since about May of this year. The condo market has a lot of room for improviement.

Sales are up (both month to month and year over year), inventory is down (month over month), and while prices are down, they are not nearly as bad as many parts of Silicon Valley or California as a whole.

Data and Real Estate Trends for Houses Sold in Campbell in September

The numbers below come from my subscription to The Real Estate Report and reflect data for houses in Campbell, CA, that closed escrow in September 2008.

 

Trends At a Glance Sep 2008 Previous Month Year-over Year
Median Price $770,000 $805,000 (-4.3%) $900,000 (-14.4%)
Average Price $767,963 $773,894 (-0.8%) $927,658 (-17.2%)
No. of Sales 19 19 (0.0%) 12 (+58.3%)
Active 91 97 (-6.2%) 85 (+7.1%)
Sale vs. List Price 97.5% 96.8% (+0.7%) 99.0% (-1.5%)
Days on Market 54 49 (+10.4%) 40 (+34.8%)

 

Prices are down about 15% from a year ago, which can’t make sellers happy but it’s about half as bad as San Jose as a whole and far better than most of California. The number of sales is identical to August and far better than a year ago.

Realty Statistics & Trends for Campbell Condos and Townhomes in September

 

Trends At a Glance Sep 2008 Previous Month Year-over Year
Median Price $537,000 $525,000 (+2.3%) $532,000 (+0.9%)
Average Price $516,375 $511,286 (+1.0%) $555,667 (-7.1%)
No. of Sales 8 7 (+14.3%) 6 (+33.3%)
Active 53 65 (-18.5%) 62 (-14.5%)
Sale vs. List Price 96.9% 94.2% (+2.9%) 98.3% (-1.4%)
Days on Market 47 66 (-28.9%) 40 (+18.3%)

 

The condominium and townhome market in Campbell, which has taken more of a beating, is showing very noticeable signs of improvement in pricing (average and median prices are up from last month and the median is up slightly from last year), the number of sales in inching up and inventory is down. Days on the market are down from last month but still up from last year. The list price to sales price ratio, though, is better then last month but not as good as last year. So it’s a bit of a mixed bag, but with some hints of improvement.

Overall, things are not worsening in Campbell and in fact are improving in many key areas. Are we near the bottom? Probably so. We won’t know until the market is really recovering, though – or at least levelled off for awhile.

Sellers, it is important for your home to be in top condition and well marketed if you want to sell. Buyers, homes are not going at rock bottom prices, so write realistic offers when you find that right property.

Every neighborhood has its own micro-climate that may or may not be like the city of Campbell as a whole. Old Victorians in downtown Campbell are not the same as townhomes on Sunnyoaks overlooking the percolation ponds or the large homes near Dry Creek Road. All are unique markets. If you’d like information on your home buying or selling in Campbell, please contact me.