Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is in a strong seller’s market that continues to outstrip this time 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:

  • Inventory is growing inch by inch with 15 active listings at the end of April, still just a drop in the bucket! Smaller pools of data can cause more dramatic swings in these statistics, so take these numbers with a grain of salt.
  • The average sales to list price ratio for homes sold last month slipped to 110.2% of asking – that’s red hot, and up +4.8% from this time last year.
  • Average and median sales prices are up +23.4% and +35.5% from last year respectively, and rose +12.3% and 22.0% from the month before.
  • Average time on market slowed to just 12 days while market absorption sped to a slightly shorter 24 days.
  • Closed and pending sales continued to rise above last month and last year despite lower available inventory year-over-year.

The market in this popular west valley city is red hot overall!

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 and mortgage loans 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. We’ve been seeing more bidding wars, but not with overbids quite as high as last spring. Competition for homes has undoubtebly waned from it’s peak as buyers financial power shrank with rising interest rates. That said, with even fewer homes being listed this year there’s still far more demand than there is inventory, especially for a move-in ready home!

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 or rising home prices.

Don’t expect a balanced market any time soon – the Bay Area still has a severe housing shortage and buyers are 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:

 

Campbell Altos Real-Time Market Profile

The Altos chart is showing Campbell, CA single family homes in a strong seller’s market with continued rises in market action paired with perpetually low inventory. Available listings remain 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

April’s sales data had some ups and downs, but for the most part it continues to signal a red hot market. Homes sold on average significantly over list price with values rising well above last year. Active inventory is on the rise, though it’s nowhere near “normal” levels and there’s a far greater demand than what is available! Compared to this time last year the overall market is hotter and far from balanced with conditions still strongly in the seller’s favor as we move through the spring real estate market.

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$2,439,000 (+22.0%)$2,000,000$1,800,000 (+35.5%)
Average Price$2,444,810 (+12.3%)$2,177,970$1,980,770 (+23.4%)
No. of Sales18 (+20.0%)1513 (+38.5%)
Pending24 (+41.2%)1717 (+41.2%)
Active15 (+15.4%)1317 (-11.8%)
Sale vs. List Price110.2% (-0.5%)110.8%105.1% (+4.8%)
Days on Market12 (+36.3%)9(+57.1%)
Days of Inventory24 (-7.1%)2638 (-36.3%)

 

What about the Campbell CA condo market?

Usually condo market data shows more fluctuation due to their smaller inventory with a great variety of properties. 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.

It currently shows minimal inventory with quick turnover in a strong seller’s market according to the live Altos chart below.

Trends at a Glance

RE REPORT INFO – uses sold data, updated monthly:

This section of the market has experienced ups and downs, but on average activity has been relatively stable. With so few listings the data tends to swing more dramatically, so take it with a grain of salt. 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. Last month ran hot and cold in the Campbell condo and townhome market, but with overall signs pointing to a stable seller’s market.

Compared to the previous month, closed sales and active inventory held stable while pending sales slipped a hair. That said, there’s not much to look at with so few sales and listings! The sales to list price ratio rose +3.1%, with even higher overbids than the single family home market. Year-over-year inventory and closed sales rose, and pending sales fell a little behind.

It’s a seller’s market for Campbell’s townhomes and condos that’s a hair calmer than the single family market. With extremely limited inventory and sales the numbers can swing dramatically, so take this with a grain of salt.

 

Trends At a GlanceApr 2024Previous MonthYear-over-Year
Median Price$1,225,000 (-0.4%)$1,230,000$927,500 (+32.1%)
Average Price$1,151,330 (-7.4%)$1,243,830$950,750 (+21.1%)
No. of Sales12 (0.0%)12(+200.0%)
Pending(-11.1%)910 (-20.0%)
Active(0.0%)8(+33.3%)
Sale vs. List Price112.4% (+3.1%)109.0%103.4% (+8.6%)
Days on Market(-54.9%)1813 (-35.3%)
Days of Inventory19 (-3.3%)2044 (-55.6%)

 

Campbell Water Tower

Campbell Water Tower

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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