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Real estate market status in Campbell and its surrounding areas
Dated: October 1 2021
The real estate market status in Campbell and its surrounding areas
One thing to know is that Campbell still has a solid seller's market, although a ton of places faced a loss in profit. According to the latest updates regarding Campbell, the sales to list price ratio went down last month, but it is now at 108.8%, which is a great sign. The average time a deal took was around 16 days, which was an excellent turnover rate for the sellers, and the market is just starting to heat up again.
An overview of Campbell housing market
The July 2021 data reflects precisely how the market was hot but then cooled down quite a bit in summer. The active inventory and pending sales have risen a lot more than last year as the active inventory went from 21 to 28, which is a 33.3% increase. Although the sales to list price ratio has cooled off enormously, the homes are still selling exceptionally quickly, with an average of 16 days. You can also watch this video on YouTube to learn more about Campbell's housing market update in 2021.
Trends at a glance
When we try to understand the Campbell neighborhood home values, we usually have to divide them into the home market and the townhouse or condo market. The trends are relatively similar for a few changes in stats, so we have mentioned them all down below.
The Average and Median home price of Campbell houses, townhouses, and condos
This is the most looked at and sought-after real estate trend. If a costly house is being sold, the average cost can be pushed up, but the same cannot be said about pushing the price down. This is why looking at average and median home prices make it easier for us to make judgments. However, a difference comes in a condo and townhouse when development is offered for sale, as the number of the units provided can also change these prices by quite a bit, unlike in the case of houses.
In the quarterly average and median average house prices, the prices drastically increased all the way from 1998 to 2021. The average prices went all the way from 400,000 to 2,000,000. However, the median price increased from 400,00 to 1800,000. However, the prices of townhouses and condos have always been relatively lower. They started from an average of 200,000 and only went up to around 1,000,000.
Sales price vs. list price for Campbell houses, townhouses, and condos sold
A massive part of buying and selling Campbell houses, townhouses, or condos is the relationship between the list price and the sale price. This is because the relationship is very different between each city and also different at other times. If more Campbell houses are being sold over the list price, that would mean that the home prices are rising. Case in point, more houses being sold under the list price would prove falling house prices. Comparing the Campbell condo and townhouse prices can give you more knowledge about the general change in prices.
The price per square foot of Campbell houses, townhouses, and condos sold
A Campbell houses' sale price is greatly affected by its size because when we look at the price per square foot, an adjustment for differences can be made.
Furthermore, the average size of a house varies with time. This is because homes are being randomly sold, but it is mostly always bigger when a place is replaced with a newer house. This is why this trend is for an increase in size with time.
When we talk about townhouses and condos, new development can affect the average size, thus affecting the average sales price. Now, if the first purchasers sell this and move to a bigger home, the trends will be affected once more a couple of years later. As we can see, the average price per square foot for Campbell condos was the highest when it reached around 800 in 2018. However, it then went right back down to 650 in 2020, and then the price increased to 720 in 2021.
Real Estate Sales Leader with over 15 years of diversified experience in real estate sales, property development, and business consulting. With a keen eye to spot real estate opportunities and a natur....
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