Campbell CA real estate market trends

Campbell water tower and bannerYou see it in the newspaper headlines, you hear it from your friends and neighbors – Silicon Valley real estate is a hot commodity. If you’re a home owner or shopping for your first Silicon Valley home, you’re probably making an effort to keep track of the housing market. For years I’ve been writing market updates on my Valley of Hearts Delight blog and my Live in Los Gatos blog, but in case you haven’t found them, I’m writing a new post for one of Santa Clara County’s most popular cities: Campbell!

An active community with a charming downtown, easy access to freeways and VTA lightrail systems, and backdropped by the lovely Santa Cruz mountains, it’s no wonder why Campbell is so popular. So how is the Campbell CA real estate market?

 

Campbell CA real estate market for Single Family Homes

Hot! Like the rest of the valley, Campbell is in a strong, continuous seller’s market. That means that the most desirable properties might see multiple offers, going higher than normal, and that homes that are less in demand are selling more quickly than usual. To keep track of these trends, I use data from the MLS (Multiple Listing Service) on recent home sales. Below are charts which use the same data to break down trends by month and compare; these are part of a service I provide called the RE Report.

Find the full RE Report for the Campbell single family housing market here.

Trends At a Glance Sep 2017 Previous Month Year-over-Year
Median Price $1,330,700 (-2.2%) $1,360,630 $1,150,000 (+15.7%)
Average Price $1,373,920 (-9.7%) $1,522,240 $1,220,870 (+12.5%)
No. of Sales 28 (-20.0%) 35 38 (-26.3%)
Pending 28 (+12.0%) 25 35 (-20.0%)
Active 13 (0.0%) 13 40 (-67.5%)
Sale vs. List Price 108.6% (+2.1%) 106.3% 101.3% (+7.2%)
Days on Market 18 (+43.2%) 13 35 (-48.4%)
Days of Inventory 13 (+20.8%) 11 31 (-55.9%)

Last month, the Campbell CA real estate market remained a seller’s market. Homes were selling well above list price, currently 108.6% of what was listed, and have been for as years at this point. Days on market low, putting turnover under one month. Though the number of active listings is stable since last month (both well below last year’s inventory), sales have lessened, which may be caused by a regular seasonal cooling trend.

And from the month before for comparison:

Trends At a Glance Aug 2017 Previous Month Year-over-Year
Median Price $1,360,630 (+6.7%) $1,275,000 $1,113,750 (+22.2%)
Average Price $1,522,240 (+12.1%) $1,357,390 $1,217,580 (+25.0%)
No. of Sales 35 (-12.5%) 40 32 (+9.4%)
Pending 25 (-24.2%) 33 43 (-41.9%)
Active 13 (-7.1%) 14 34 (-61.8%)
Sale vs. List Price 106.3% (-0.5%) 106.8% 101.0% (+5.2%)
Days on Market 13 (-25.2%) 17 30 (-58.5%)
Days of Inventory 11 (+6.1%) 11 32 (-65.0%)

 

Campbell CA real estate market for townhomes and condos

Most of the time, Silicon Valley condos have a cooler, slower market than the housing market. However, recently, the seller’s market has impacted condos as much as the housing market. That being said, inventory in the condo market is usually low and this small amount can make for big swings in data which may not be the most accurate representation of the market.

See more in the full RE Report for Campbell condos through the link.

Trends At a Glance Sep 2017 Previous Month Year-over-Year
Median Price $993,000 (+8.5%) $915,000 $699,000 (+42.1%)
Average Price $980,311 (+13.9%) $860,636 $723,167 (+35.6%)
No. of Sales (-18.2%) 11 12 (-25.0%)
Pending (-55.6%) 9 16 (-75.0%)
Active (+200.0%) 3 17 (-47.1%)
Sale vs. List Price 108.3% (-4.3%) 113.2% 101.1% (+7.2%)
Days on Market (-5.1%) 9 18 (-49.9%)
Days of Inventory 29 (+254.4%) 8 41 (-29.4%)

Selling well above list price, the condo market has been as hot as, and sometimes stronger than, the single family housing market. Days on market half that of the housing market, though days of inventory are higher. Though low inventory causes big changes in data, we can see that properties are selling quickly and well above list price and have been for many months. The Campbell condo market is hot, about equally strong a sellers market as the single family housing market in this area.

And from the month before for comparison:

Trends At a Glance Aug 2017 Previous Month Year-over-Year
Median Price $915,000 (-0.5%) $920,000 $811,000 (+12.8%)
Average Price $860,636 (-4.3%) $899,714 $779,231 (+10.4%)
No. of Sales 11 (+57.1%) 7 13 (-15.4%)
Pending (-18.2%) 11 15 (-40.0%)
Active (N/A) 0 14 (-78.6%)
Sale vs. List Price 113.2% (+6.3%) 106.5% 101.6% (+11.5%)
Days on Market (-38.7%) 15 20 (-53.9%)
Days of Inventory (N/A) 0 32 (-74.7%)

 

Pricing Trends by Quartiles

The final information included in this brief analysis is from Altos Research (to which I have a subscription). In this chart, the market is divided into four pricing tiers, from the lowest entry-level properties to luxury sales. Here you can see prices have been creeping upwards with very few dips steadily for over a year, though luxury homes have had the greatest peaks and valleys. Still, the current trend is clear: prices are rising in every market.

CampbellQuartiles - Campbell CA real estate market trends

Median LIST price for single family homes in Campbell, CA:

 

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