Updated May 2020
The Campbell market remains relatively strong. The supply of New Listings was 35% lower in April due to shelter-in-place orders. Market demand remained strong with low days on market and an increase in the final sales vs. list price percentages. Median prices increased significantly for YTD, Q1 and even for April. Inventory levels may be low until the supply of New Listings increased as SIP orders are relaxed.
Campbell homes sell in the $1.0M to $2.0M price range. The chart above shows the distribution by number of bedrooms based on Closed Sales in 2019.
The annual median price for Campbell homes declined by 7.4% in 2019 after a 12.8% jump in 2018. The annual increase in the median price for Campbell homes has averaged 6.3% per year since 1998 (CAGR).
Market demand for Campbell homes declined in 2019. Average Days on Market jumped to 30 days, one of the longest times in the area. The average final sales vs. list price declined to 1% over list, which is much lower than 6%-7% over list in 2017-18.
The supply of New Listings for Campbell homes declined to 2015 levels after a nice increase in 2016-17. The number of Closed Sales declined again to the second lowest level since 2002.
Final sales prices continue to be over list price for homes selling within the first week or two on market. After that homes typically sell for below list. Note: this shows current list price after any price reductions.
The $ per SQFT varies widely from the overall average of $849 for 2019. The above charts shows the distribution of both the size of home and its corresponding $/SQFT.
The quarterly median price provides insight to how the current market is moving. The current market appears to be leveling-off, at least over the past four quarters.
This monthly view of median prices for Campbell homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The average Days on Market is higher than prior years with the exception of May-June.
The average Final Sales Price over/under List Price percentage has declined dramatically since mid-2018. Keep in mind homes selling quickly are still selling for over list, so this reflects the effect of homes taking longer to sell.
The inventory of Active listings jumped to recent highs during the second half of the year. Suggests there is a good selection of homes for Buyers.
The monthly supply of New Listings is relatively consistent with previous years. Note the seasonality with December typically being the low-point during the year.
The number of Closed Sales is lower than previous years.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.