How is the Campbell real estate market? Campbell is in a strong seller’s market that has finally outstripped 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 still well below normal. 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 dropped to 106.2% of asking – that’s still red hot, and completely overtaking last year’s August numbers.
- The price gap between 2022 and 2023 has flipped with this August average and median prices up +10.0% and +11.6% from last year respectively.
- Average days on market sped to 9 and market absorption sped to just 19 days. The best homes are being snatched up quickly.
- August saw closed sales more than double month-over-month with a slight increase in pending sales and a massive drop in active inventory.
The market in this popular west valley city is red hot overall!
A quick look at the cost of starter homes in Campbell today
To supplement the info we normally provide here, let’s take a look at what it costs to buy a starter home in Campbell. For our study, a starter home is defined simply as a home with no more than 1,500 SqFt of living space. We only had 5 houses that match this description close in all of August, here are the averages for those homes:
- # of sales – 5
- Home size – 1,256 SqFt
- Lot size – 6,644 SqFt
- Days on market – 4
- Average list price – $1,453,600
- Average sale price – $1,563,000
- Sale to list price ratio – 107% (minimum was 94%, maximum was 117%)
- Age of home – 62 years
- Price per SF – $1,251.96
And for move up houses with 1,500 – 2,000 SqFt:
- # of sales – 13
- Home size – 1,674 SqFt
- Lot size – 7,636 SqFt
- Days on market – 10
- Average list price – $1,718,660
- Average sale price – $1,823,373
- Sale to list price ratio – 106% (minimum was 97%, maximum was 114%)
- Age of home – 66 years
- Price per SqFt – $1,091.46 (it is typical that a larger sized home will have a smaller price per SqFt than a smaller one, and it’s the reason why when pricing using comparable sales it’s ideal to stay within 10% of the home size)
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 – 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 decline in market action paired with steadily low inventory. Inventory remains 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
August’s sales data had some ups and downs, but for the most part it signals a red hot market. Homes sold on average well above list price and in just over a week. Active inventory rose a hair, closed sales more than doubled, while pending sales fell by nearly half month-over-month.
Compared to this time last year the overall market is significantly hotter and far from balanced with the power still strongly in the seller’s favor, especially with such scarce available inventory!
|Trends At a Glance||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$1,925,000 (+1.2%)||$1,902,780||$1,725,000 (+11.6%)|
|Average Price||$2,041,200 (+5.6%)||$1,932,830||$1,855,320 (+10.0%)|
|No. of Sales||29 (+123.1%)||13||22 (+31.8%)|
|Pending||13 (-40.9%)||22||36 (-63.9%)|
|Active||18 (+12.5%)||16||20 (-10.0%)|
|Sale vs. List Price||106.2% (-2.6%)||109.0%||101.9% (+4.2%)|
|Days on Market||9 (-2.9%)||10||13 (-26.8%)|
|Days of Inventory||19 (-49.6%)||37||27 (-31.7%)|
What about the Campbell CA condo market?
Usually condo markets show more fluctuation due to their smaller inventory with a great variety of properties. 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 the average is 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. August ran hot and cold in the Campbell condo and townhome market, but with overall signs of a continued hot seller’s market.
Compared to the previous month, closed and pending sales grew while active inventory dipped. Year-over-year inventory is just a drop in the bucket, while pending and closed sales are up a little. Days on market slowed to a 19 day average, while the sales vs list price ratio rose to 102.9% of asking.
Overall, it’s a seller’s market in Campbell that’s somewhat calmer than the single family market and with almost no inventory. 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||Aug 2023||Previous Month||Year-over-Year|
|Median Price||$966,500 (-2.4%)||$990,000||$905,000 (+6.8%)|
|Average Price||$1,022,100 (-4.9%)||$1,074,210||$950,000 (+7.6%)|
|No. of Sales||10 (+25.0%)||8||8 (+25.0%)|
|Pending||7 (+16.7%)||6||6 (+16.7%)|
|Active||6 (-33.3%)||9||12 (-50.0%)|
|Sale vs. List Price||102.9% (+0.4%)||102.5%||97.6% (+5.4%)|
|Days on Market||19 (+20.0%)||16||15 (+24.0%)|
|Days of Inventory||18 (-46.7%)||34||45 (-60.0%)|
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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