How is the Campbell real estate market? Campbell is in a strong seller’s market that, but nowhere near as wild as 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:
- The average sales to list price ratio for homes sold last month skyrocketted to 106.5% of asking. Homes are regularly selling above list price, but with lower overbids and with fewer offers than last year.
- The median sales price was $2,005,000 (+30.2% since last month and down -9.5% from last year.)
- The average sales price was $2,026,700 (+10.3% month-over-month and -4.8% year-over-year)
- Average sales slowed to 24 days on market, and market absorption grew to 92 days. The best homes are being snatched up quickly, while others may linger longer on the market.
- February saw fewer closed sales and a rise in active inventory and pending sales month-over-month, not atypical for emerging spring trends, although inventory is still well below seasonally normal trends.
The market in this popular west valley city overall shows signs of a warming market.
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 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, although it’s unlikely you will see a bidding war that looks anything like last year. Competition for homes has waned somewhat as buyers financial power shrank. We’re seeing more buyers write with contingencies and offer at or below asking, although most accepted offers we are seeing are coming in over asking and non-contingent.
For hot homes, there’s still plenty of demand. Desperate and worn out buyers want to get their foot in the door – especially before the market heats up again or interest rates continue to rise! However we’re also seeing worn out and priced-out buyers exiting the market. Motivated buyers will go after the best properties in their market, and the outlier listings linger.
The market has been overdue for a correction and we’re beginning to see where this transitioning market is taking us. Don’t expect a balanced market any time soon – California still has a severe housing shortage and buyers are still 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:
The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with a recent drop in market action paired with rising inventory. Inventory is growing, but still 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:
CAMPBELL real estate market trends and statistics
February’s sales data had some ups and downs, but for the most part the signal points to a warming market trend. Homes sold on average well above list price and in under a month. Inventory and pending sales grew month-over-month, while closed sales shrank.
Compared to last year the market is significantly cooler, but prices aren’t all that far behind and it is in no way balanced withe the market still strongly in the seller’s favor.
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$2,005,000 (+30.2%)||$1,540,000||$2,215,000 (-9.5%)|
|Average Price||$2,026,700 (+10.3%)||$1,837,570||$2,129,560 (-4.8%)|
|No. of Sales||5 (-28.6%)||7||9 (-44.4%)|
|Pending||19 (+35.7%)||14||18 (+5.6%)|
|Active||17 (+70.0%)||10||13 (+30.8%)|
|Sale vs. List Price||106.5% (+8.1%)||98.6%||127.0% (-16.1%)|
|Days on Market||24 (+28.2%)||19||6 (+292.7%)|
|Days of Inventory||92 (+114.2%)||43||39 (+135.4%)|
What about the Campbell CA condo market?
Usually condo markets show more fluctuation due to their smaller inventory with a great variety of properties. It currently shows almost no inventory with rapid turnover in a strong seller’s market according to the live Altos chart below. Keep in mind, though, that fewer sales and low inventory means dramatic swings in data are more likely, and can sometimes make these statistics wonky.
Trends at a Glance
RE REPORT INFO – uses sold data, updated monthly:
This section of the market has experienced ups and downs, but currently is showing activity leveling off after some mild cooling. That said, with so few listings the data tends to swing more dramatically. Still, there is a strong, ongoing seller’s market in Campbell condos.
Campbell Condo Market Trends at a Glance
Now a look at the RE report. February was running hot and cold in the Campbell condo and townhome market.
Compared to the preivous month, closed and pending sales increased, while active inventory remained the same. Year-over-year closed and pending sales are falling way behind and prices have plummetted! Days on market were rapid at a 10 day average, even faster than last year! The sales vs list price ratio rose to 99.4% of asking, down a whopping 9.0% from last year.
Overall, it’s a seller’s market in Campbell with greater inventory and fewer sales compared to last year. With so few listings and sales every month the data can swing dramatically, so take this with a grain of salt.
|Trends At a Glance||Feb 2023||Previous Month||Year-over-Year|
|Median Price||$636,500 (-30.4%)||$915,000||$1,025,000 (-37.9%)|
|Average Price||$657,500 (-28.1%)||$915,000||$1,113,530 (-41.0%)|
|No. of Sales||4 (+300.0%)||1||13 (-69.2%)|
|Pending||8 (+60.0%)||5||14 (-42.9%)|
|Active||4 (0.0%)||4||2 (+100.0%)|
|Sale vs. List Price||99.4% (+3.2%)||96.3%||109.2% (-9.0%)|
|Days on Market||10 (+66.7%)||6||12 (-17.2%)|
|Days of Inventory||27 (-77.5%)||120||4 (+550.0%)|
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. When there is too much supply (too many similar homes on the market), it is far more challenging to sell. When there is too little inventory, it can be a challenge to predict the market value. 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.
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