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 has grown since the new year with 8 active listings at the end of January, 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 rose to 103.6% of asking – that’s red hot, and completely overtakes this time last year’s numbers.
  • Average and median sales prices are up +1.0% and +7.4% from the last month respectively, and up +1.5% and +19.5% from last year.
  • Average time on market slowed to 41 days while market absorption lagged to 30 days.
  • Closed and pending sales slipped month-over-month, though both have risen above last year despite lower available inventory.

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 a recent decline in market action paired with continually 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

January’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 above list price with values rising above last month and last year. Active inventory shot up after the holidays, though it’s nowhere near “normal” levels. Compared to this time last year the overall market is significantly hotter and far from balanced with conditions still strongly in the seller’s favor, despite some seasonal cooling.

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$1,840,000 (+7.4%)$1,712,500$1,540,000 (+19.5%)
Average Price$1,865,620 (+1.0%)$1,847,220$1,837,570 (+1.5%)
No. of Sales(-20.0%)10(+14.3%)
Pending(-18.2%)11(+125.0%)
Active(+300.0%)2(-11.1%)
Sale vs. List Price103.6% (+0.5%)103.0%98.6% (+5.1%)
Days on Market41 (+140.5%)1719 (+119.8%)
Days of Inventory30 (+400.0%)639 (-22.2%)

 

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 fairly 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. December 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 plummetted while pending sales grew a hair and inventory barely slipped. That said, there’s not much to look at with so few sales and listings! The sales to list price ratio rose +0.1%, indicating a stability of slight overbidding. Year-over-year inventory and pending sales are down, while closed sales, or in this case: closed sale, is looking stable.

It’s a seller’s market in Campbell that’s somewhat calmer than the single family market, but extremely limited inventory and sales. With so little data every month the numbers can swing dramatically, so take this with a grain of salt.

 

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$920,000 (+24.3%)$740,000$915,000 (+0.5%)
Average Price$920,000 (+7.1%)$859,125$915,000 (+0.5%)
No. of Sales(-87.5%)8(0.0%)
Pending(+100.0%)1(-50.0%)
Active(-33.3%)3(-33.3%)
Sale vs. List Price101.1% (+0.1%)101.0%96.3% (+5.0%)
Days on Market77 (+273.3%)21(+1,183.3%)
Days of Inventory60 (+433.3%)1190 (-33.3%)

 

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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