Campbell, California, is a city in Santa Clara County in the northern part of the state. The community has seen its share of adverse effects from the financial crisis that has plagued the U.S. over the past couple of years, triggering a collapse in the American residential real estate market. As a result, Campbell real estate has seen a decline in its value, a rise in troubled mortgage-holders and the number of foreclosures in Santa Clara and a buildup of inventory.
According to the Santa Clara County Association of Realtors, which compiles regular monthly housing statistics on the cities in the area, in July, the most recent month for which statistics are available, there was a total inventory of 102 Campbell homes for sale. This was down from June's 118 but up from a year ago, when there were 90 homes on the market. There were 31 new listings, representing a drop in the number of new home listings from both the previous month, at 46, and a year ago, at 35.
The number of sales per month has remained mostly constant since last year, with 30 homes sold in Campbell in July versus 26 in June and 24 in July 2009. The number of days homes are spending on the market before selling seems to be slowly falling as well. In July, that number was 52 days, down by two days from June and down by 12 days from the figure a year ago. Campbell also is one of the few markets where home prices seem to be slowly beginning to pick back up. In July, the average price for a home was $725,260, up by about $90,000 from its year-ago figure. The median, too, was up, to $681,500 from $672,500 a year ago.
The market for condos in Campbell seems to show signs of a bit slower of a recovery than the residential single-family homes market. In July, there were 19 new condos listed for sale but only three condos sold, not a good turnover rate. Only three condos sold despite the fact that a month prior in June, that clip was 13. The number of days on the market saw a drop in June, but this month it rose back to 77 days, virtually the same level it was at a year ago. Prices, too, have shown reluctance to rise. The average condo price in July was $412,600, down by more than $100,000 from the same time one year ago, while the median figure stood at $430,000 down annually from a figure of $505,000.