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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 in a strong seller’s market that’s been blazing hot all year – but there’s a hint of cooling starting to appear in our charts. 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 dipped to a red hot 112.8% of asking (according to the MLS, the highest was 136% and the lowest was 96% – the top of which was lower than the prior month’s extremes)
  • Prices haven’t changed much month-over-month and are up significantly year-over-year
  • Turnover was quick with the average sale in just 12 days on market, cooler than the winter and spring market.
  • Data shows that May saw dramatic growth in active inventory, a rise in closed sales, and a dip in sales pending.

The market is cooling down in late spring.

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 skyrocket and 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, desparate and worn out buyers sometimes spike prices well above list price and comparable market values just to get their foot in the door! However we’re also starting to see more worn out buyers begin to back out and properties recieving fewer offers, or more contingent offers being accepted.

The market remained red hot all winter long. Inventory has begun to pick back up, but remains limited and is still a little below average compared to previous years although it’s starting to catch up with demand. The market is overdue for a correction and it feels like there may be a change in the wind, although it’s not clear if we’re seeing a hiccough or the peak of a hill. It will likely take a while for the market to balance out, so sellers this could be a great time to list!

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 a recent dip in market action, more moderate growth in inventory, and 21 median days on market. 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

May saw some ups and downs, but overall the market is still red hot! May sales were priced well above last year, an average of 20.7% increase with a median increase of 36.9% year-over-year! That said, the average Campbell home isn’t selling as hig over asking as last year, still at a red hot 112.8% of asking.

Closed sales rose above last month and last year while pending sales fell behind. Active inventory is up a good deal month-over-month and year-over-year. It looks like it’s finally starting to catch up with demand!

Overall the Campbell single family homes are in a raging hot seller’s market!

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $2,160,000 (-0.7%) $2,175,000 $1,578,000 (+36.9%)
Average Price $2,160,460 (-1.7%) $2,197,480 $1,790,380 (+20.7%)
No. of Sales 35 (+20.7%) 29 33 (+6.1%)
Pending 30 (-28.6%) 42 36 (-16.7%)
Active 26 (+44.4%) 18 15 (+73.3%)
Sale vs. List Price 112.8% (-2.9%) 116.2% 113.8% (-1.0%)
Days on Market 12 (+26.0%) 9 22 (-46.6%)
Days of Inventory 22 (+23.8%) 18 14 (+63.4%)


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’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 that is looking slightly more active than the housing market.

Trends at a Glance

RE REPORT INFO – uses sold data, updated monthly:

This section of the market has had some cooling, but with so few listings the data can swing 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. April was red hot in the Campbell condo and townhome market!

Closed and pending sales fell behind 2021 for the second month in a row, while active listings are starting to catch up with last year. Month-over-month, sales and pending sales dipped, and inventory tripled! There are still not enough available condos and townhomes to meet a backlog of demand! Days on market held at a 6 day average for the 3rd month in a row, although days of inventory have cooled, and the sales vs list price ratio slipped a hair to 117.2% of asking.

Overall, it’s a raging hot seller’s market in Campbell with plenty of activity and prices still on the rise, with competition among the condo market remaining even hotter than the single family home market for the second month in a row.

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,201,000 (+0.3%) $1,198,000 $1,042,500 (+15.2%)
Average Price $1,310,870 (+6.6%) $1,230,180 $1,074,600 (+22.0%)
No. of Sales 15 (-11.8%) 17 20 (-25.0%)
Pending 13 (-18.8%) 16 20 (-35.0%)
Active 12 (+200.0%) 4 16 (-25.0%)
Sale vs. List Price 117.2% (-0.3%) 117.6% 107.6% (+9.0%)
Days on Market (+6.5%) 6 12 (-46.3%)
Days of Inventory 24 (+251.7%) 7 24 (0.0%)

 

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.

For more reading on Campbell CA

Scenic Percolation Ponds in Campbell Serve Important Functions

A leisurely Sunday & photos of downtown Campbell

Campbell’s “Skull & Crossbones” house

Authors

  • Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno

  • Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.