How is the Campbell real estate market? Campbell is still in a strong seller’s market that’s been going against seasonally typical trends with a red hot autumn becoming a blazing winter! 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 reached an astronomical 119.4% of asking.
- Turnover was extremely fast with the average sale in only 10 days on market, and market absorption rate of only 2 days.
- Data shows that this December saw a drop in inventory leading to fewer sales, but buyers didn’t back off and the market remained astonishingly hot through the holidays!
The Campbell, CA Real Estate Market
It’s hard to predict what’s coming next. The market has not followed typical seasonal trends since before spring 2020, and it’s anyones guess when we’ll start seeing enough inventory to balance out this ferocious seller’s market. The charts below certainly show the impact of the pandemic on the real estate market, but we won’t see the full picture until it’s behind us. Read more about how the Coronavirus impacted real estate sales on my blog post about the topic.
If you’re selling a well prepared, beautifully staged, and aggressively priced house, you’ll likely see multiple offers on your home for sale. If it’s in an especially sought-after area and has good bones and a nice finish, the number of offers can skyrocket into the 10s, 20s, or higher and create a bidding war! Competition is high enough that it’s pushing buyers to make offers without any contingencies and above list price. For hot homes, desparate and worn out buyers sometimes spike prices well above list price and comparable market values just to get their foot in the door!
Around winter we can usually anticipate a decline in activity, but the way the real estate market has been behaving in December and now in the new year is signaling it will probably remain red hot right up all season long. Inventory has begun to pick back up (but remains limited) after a December decline with sellers choosing not to list during the holiday season, but buyers never stopped looking. For sellers, selling your home in winter can be an opportunity worth consideration.
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:
As of January 13th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with a high, but recently declining market action, minimal inventory, and an elevated median list price. (Disregard the current days on market here, Altos appears to be having an issue syncing that data and homes are taking very little time to sell.) Homes are red hot in Campbell!
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
The service we use to pull this data is having some technical troubles with the MLS, so while this data is mostly accurate and will provide a useful guide to the trends, it is not exact.
The market is red hot! The pricing and overbids for December sales are soaring above last month and last year with the average Campbell home selling for 119.4% of asking! Closed and pending sales both dipped below the last month and last year. The market usually wanes during the holidays, but I’ve never seen active inventory fall this low, plummetting below last month and last year. Homes are selling lighting fast in an average of 10 days on market, with only 2 days of inventory, and overall the Campbell single family homes are in a raging hot seller’s market!
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$1,900,000 (+11.4%)||$1,705,000||$1,525,000 (+24.6%)|
|Average Price||$2,025,030 (+8.4%)||$1,867,740||$1,570,230 (+29.0%)|
|No. of Sales||17 (-45.2%)||31||23 (-26.1%)|
|Pending||13 (-45.8%)||24||21 (-38.1%)|
|Active||1 (-80.0%)||5||12 (-91.7%)|
|Sale vs. List Price||119.4% (+7.1%)||111.5%||102.9% (+16.0%)|
|Days on Market||10 (-11.5%)||11||14 (-27.8%)|
|Days of Inventory||2 (-62.3%)||5||16 (-88.7%)|
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’s currently stable in a strong seller’s market according to the live Altos chart below. Keep in mind, though, that fewer sales means little data which can make these statistics wonky. The Campbell CA condo market remains a sellers market, although cooler than the housing market.
Trends at a Glance
RE REPORT INFO – uses sold data, updated monthly:
Condo and townhome properties are not as competitive as single family homes in Campbell, but they’re still red hot! This section of the market has had some heating and cooling through autumn into early winter, but with so few listings this isn’t the best measure to go by. Still, there is a strong seller’s market in Campbell condos.
Campbell Condo Market Trends at a Glance
December was cooler for the Campbell condo and townhome market. Closed sales remained surprisingly stable month-over-month and year-over-year. Pending sales dipped, and inventory plunged below last month and last year. Days on market slowed to a 39 day average, days of inventory are low at 3 days, and the sales vs list price ratio dropped to 102.2% of asking. Overall, it’s a hot seller’s market in Campbell with plenty of activity, but not as competitive as the single family market.
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$920,000 (+1.1%)||$910,000||$981,000 (-6.2%)|
|Average Price||$874,584 (-12.8%)||$1,003,080||$1,015,450 (-13.9%)|
|No. of Sales||12 (-7.7%)||13||11 (+9.1%)|
|Pending||9 (-25.0%)||12||12 (-25.0%)|
|Active||1 (-87.5%)||8||7 (-85.7%)|
|Sale vs. List Price||102.2% (-3.3%)||105.7%||99.3% (+2.9%)|
|Days on Market||39 (+207.8%)||13||23 (+70.9%)|
|Days of Inventory||3 (-86.0%)||18||19 (-86.9%)|
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