Updated June 2020
The Campbell market remains relatively strong. The median price has returned to its 2018 peak after an 8% decline in 2019. Market demand remains strong, albeit softer than 2014-18. The supply of New Listings is running 20% due to Covid, but starting to rebound. Definitely a more friendly market for buyers and a strong active market for sellers.
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 6.6% per year since 1998 (CAGR).
Market demand for Campbell homes did soften starting in 2019. Average Days on Market jumped to 29 days, one of the longest times in the area. The average final sales vs. list price declined to 1% over list, compared to 6%-7% over list in 2017-18. Still a relatively strong and healthy market.
The supply of New Listings and number of Closed Sales for Campbell homes declined significantly during the first half of 2020 due to Covid. I expect these number to rebound during the second half.
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 returned to 2018 levels during the first two quarters of 2020. Signals a strong market, even with Covid.
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 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 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 number of 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.