How is the Campbell real estate market? Campbell is in a strong seller’s market that was blazing hot earlier this year – but there’s been a good deal of cooling lately! 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 rose to 100.0% of asking. Homes are selling less over asking (and sometimes under asking) and with fewer offers than last year.
- Prices are a little below last month and down about 9%-11% on average since last year.
- Average sales sped up to 25 days on market.
- October saw a stable active inventory with big drops in closed and pending sales month-over-month.
The market in this popular west valley city overall continues to show signs of cooling.
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 atypical couple of years!
The market has not followed typical seasonal trends since before spring 2020, although we’re starting to see a bit more balance start to return in late spring of 2022. 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 create a bidding war. Competition is high enough that it’s pushing many buyers to make offers without any contingencies and above list price. For hot homes, desperate and worn out buyers sometimes spike prices well above list price just to get their foot in the door! However we’re also starting to see more worn out and priced-out buyers begin to exit the market and properties recieving fewer offers, hot homes seeing milder over-asking offers, and more contingent offers being accepted.
The market has been overdue for a correction and we’re beginning to see where this transitioning market might take us. Don’t expect a balanced market any time soon – California still has a housing shortage and buyers are still clamoring to get their foot in the door!
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 slight increase in market action. Inventory is still shrinking, and days on market are leveling out.
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
October saw some up and down, but for the most part has continued the cooling trend. Homes sold a little below last month and well below last year’s prices. Month-over-month fewer homes are selling and active inventory remained stable.
While the data still indicates Campbell single family homes are in a seller’s market, it’s significantly calmer and more balanced than it was a year ago!
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$1,667,500 (-3.1%)||$1,720,000||$1,877,500 (-11.2%)|
|Average Price||$1,802,190 (-1.1%)||$1,821,620||$1,988,830 (-9.4%)|
|No. of Sales||16 (-42.9%)||28||38 (-57.9%)|
|Pending||25 (-21.9%)||32||33 (-24.2%)|
|Active||20 (0.0%)||20||16 (+25.0%)|
|Sale vs. List Price||100.0% (+0.7%)||99.3%||113.6% (-12.0%)|
|Days on Market||25 (-8.3%)||28||12 (+107.3%)|
|Days of Inventory||38 (+81.0%)||21||13 (+196.9%)|
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 with a very gentle cooling trend according to the live Altos chart below. Keep in mind, though, that fewer sales and low inventory means little data which can sometimes make these statistics wonky.
Trends at a Glance
RE REPORT INFO – uses sold data, updated monthly:
This section of the market was also experiencing cooling, but recent data indicates it’s heating up quickly! 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. October was also hot and cold for the Campbell condo and townhome market.
Closed and pending sales rose while inventory fell by half month-over-month. Year-over-year almost everything is down except for prices, which remain significantly higher than last October! Days on market slowed to a 23 day average, under a month and just a hair slower than last year. The sales vs list price ratio dipped to 99.9% of asking, and is down 2.7% from last year.
Overall, it’s a seller’s market in Campbell with activity falling short of last year. With so few sales happening every month the data can swing dramatically, so take this with a grain of salt.
|Trends At a Glance||Oct 2022||Previous Month||Year-over-Year|
|Median Price||$1,020,000 (+4.1%)||$980,000||$920,250 (+10.8%)|
|Average Price||$1,078,250 (+6.1%)||$1,016,710||$895,063 (+20.5%)|
|No. of Sales||9 (+28.6%)||7||14 (-35.7%)|
|Pending||10 (+25.0%)||8||12 (-16.7%)|
|Active||4 (-50.0%)||8||16 (-75.0%)|
|Sale vs. List Price||99.9% (-1.7%)||101.7%||102.7% (-2.7%)|
|Days on Market||23 (+49.8%)||16||22 (+8.2%)|
|Days of Inventory||13 (-59.8%)||33||34 (-61.1%)|
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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