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Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is still in a strong seller’s market and remaining hot despite some seasonal cooling of inventory and sales this winter. This article, updated monthly, offers data and analysis on the residential real estate market in this popular Silicon Valley community. Here’s a few points from the latest update on Campbell’s single family housing market:

  • The sales to list price ratio for home sales last month was 104.9%.
  • These sales had a quick turnover with an average of 29 days on the market.
  • Closed sales dropped sharply in January while active inventory and pending sales grew.

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming up next with all that’s happened since March of 2020. The charts below certainly show the impact of the pandemic on the real estate market, but it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my blog post on the topic.

At the beginning of the shutdown, 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, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory in those months, though current numbers are now accurate.

If you’re selling, perhaps last summer you’d have gotten 4 – 6 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Recently, we’ve started to see those numbers again (and sometimes more!) as the backlog of demand grows. However, we are still seeing buyers bring in offers with normal contingencies, particularly if there are not any competing bids. With the restrictions on showings and real estate in general, these numbers may still be low, especially if there is delayed market activity from spring.

Here’s a quick view of the Campbell real estate market stats from Altos Research, using LIST prices:

Campbell Altos Real-Time Market Profile

As of February 16th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with rising market action, low and steady inventory, and shrinking days on market. Things are heating up again in Campbell!

And now –  here are some quick stats, care of my RE Report for Campbell:

CAMPBELL real estate market trends and statistics

The market’s been fairly stable in Campbell, and this January data reflects that despite some ups and downs. The number of sales have fallen while pending sales and active inventory are up from last month. All three have remained high compared to a year ago with pending sales growing more than double. The sales to list price ratio rose 2% above last month, staying well above last year currently at 104.9% of asking. Homes are selling quickly with an average of one month on market. Overall there is a slight winter cooling with limited inventory and high, steady demand. Campbell single family homes remain in a very hot market, hotter than 2020.

Trends At a Glance Jan 2021 Previous Month Year-over-Year
Median Price $1,400,000 (-8.2%) $1,525,000 $1,350,000 (+3.7%)
Average Price $1,659,430 (+5.7%) $1,570,230 $1,604,550 (+3.4%)
No. of Sales 17 (-26.1%) 23 11 (+54.5%)
Pending 27 (+28.6%) 21 12 (+125.0%)
Active 15 (+25.0%) 12 11 (+36.4%)
Sale vs. List Price 104.9% (+1.9%) 102.9% 99.5% (+5.5%)
Days on Market 29 (+112.2%) 14 54 (-47.0%)
Days of Inventory 26 (+69.1%) 16 30 (-11.8%)

And last month in 95008:

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,525,000 (+6.2%) $1,436,000 $1,300,000 (+17.3%)
Average Price $1,570,230 (+1.7%) $1,544,520 $1,312,220 (+19.7%)
No. of Sales 23 (+15.0%) 20 18 (+27.8%)
Pending 21 (-8.7%) 23 12 (+75.0%)
Active 12 (-36.8%) 19 19 (-36.8%)
Sale vs. List Price 102.9% (-0.5%) 103.5% 100.3% (+2.7%)
Days on Market 14 (-12.5%) 16 24 (-44.3%)
Days of Inventory 16 (-43.2%) 28 32 (-50.6%)

What about the Campbell CA condo market?

Usually condo markets show more fluctuation due to their smaller inventory with a great variety of properties. In 2020, Campbell was heating up consistently from the new year until May, which saw clear and unusual cooling. It’s currently stable in a strong seller’s market according to the live Altos chart below. Keep in mind, though, that fewer sales means low data which can make these statistics wonky. The Campbell CA condo market remains a sellers market, although a little cooler then the housing market.  See the full report for the Campbell California condo market here

Trends at a Glance

RE REPORT INFO – uses sold data, updated monthly:

Condo and townhome properties are looking much milder than the Campbell RE market for homes right now. The market action is climbing, days on market are speeding up again, and inventory is low and inching up. There is a strong seller’s market in Campbell condos.

Campbell Condo Market Trends at a Glance

There have been ups and downs in the condo market, and this January has expressed some cooling. The number of sales dropped below last month and remain above last year. Active listings and pending sales grew above December and last year’s numbers. Days on market slowed to 35 days, which is still a quick turnover, and the sales vs list price ratio inched up to 99.5%. Overall, it’s a stable seller’s market in Campbell with mild seasonal cooling.

Trends At a Glance Jan 2021 Previous Month Year-over-Year
Median Price $925,000 (-5.7%) $981,000 $860,000 (+7.6%)
Average Price $903,556 (-11.0%) $1,015,450 $849,643 (+6.3%)
No. of Sales (-18.2%) 11 (+28.6%)
Pending 17 (+41.7%) 12 11 (+54.5%)
Active 10 (+42.9%) 7 (+11.1%)
Sale vs. List Price 99.5% (+0.2%) 99.3% 99.5% (0.0%)
Days on Market 35 (+53.5%) 23 55 (-37.1%)
Days of Inventory 33 (+74.6%) 19 39 (-13.6%)

And for last month:

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $981,000 (+2.7%) $955,000 $750,500 (+30.7%)
Average Price $1,015,450 (+5.7%) $960,408 $772,644 (+31.4%)
No. of Sales 11 (-15.4%) 13 16 (-31.3%)
Pending 12 (0.0%) 12 (+100.0%)
Active (-63.2%) 19 (0.0%)
Sale vs. List Price 99.3% (-1.4%) 100.7% 98.1% (+1.2%)
Days on Market 23 (-9.4%) 25 46 (-50.7%)
Days of Inventory 19 (-55.0%) 42 13 (+45.5%)

 

ALTOS CHARTS

Next we’ll take a brief overview of the “big picture” in Campbell’s housing market by looking at statistics related to currently listed homes for both houses and condos or townhomes there. (Charts and data by Altos Research, to which I have a subscription and permission to use here.) Median list price of condos and single family homes in Campbell.

Median List Price for Campbell, CA 95008

This chart shows prices peaked around early 2018, but that number was topped in basically all sectors in the first quarter of 2020. All sectors are now above (and some well above) where they were this time last year.

Properties with Price Decreases for Campbell, CA 95008

These numbers – for both houses and condos – can only give you a broad picture of what’s going on. If there are no homes for sale in your townhome community and it’s in a great area, and you price it well etc., you should find it relatively easy to sell. But if there is too much supply (too many similar homes on the market), it will be far more challenging to sell. The residential real estate market, like everything else, is all about supply and demand. For information on your specific neighborhood, please call me or email me today.

For more reading on Campbell CA

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A leisurely Sunday & photos of downtown Campbell

Campbell’s “Skull & Crossbones” house