Campbell real estate market

Seal of San Mateo County, California
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The Campbell real estate market, a portion of the larger Silicon Valley and Santa Clara County real estate markets, showed some limited signs of improvement in the most recent tracking period. According to a May 31, 2010 article in the San Jose Mercury News, “The local housing market continues to show improvement in sales and value of homes, though overall home sales in the nine-county Bay Area and the state as a whole, showed mixed results during the month of April, according to [the] latest real estate sales and price reports.” The piece, written by Rose Meily, continued to say that “MDA DataQuick reports sales for all new and resale homes and condos in Santa Clara in Santa Clara County rose 3.1 percent in April compared with the same period last year. A total of 1,656 homes sold in April, up from 1,606 sold in April 2009. The median home price for all homes jumped 20.7 percent from $405,000 in April of 2009 to $489,000 this year.”

The effect of foreclosures on Campbell homes for sale may be muted as that rate declines. According to a May 11, 2010 article in the Mercury News, “Default filings also declined in Santa Clara County, as well as statewide. In Santa Clara County, 32 percent fewer notices of default were filed last month than during April 2009, for a total of 923 notices. That figure represented a 15 percent decline from March 2010.” The piece, written by Sue McAllister, went on to say that “Despite the hopeful signs in the ForeclosureRadar report, about 1,600 homes in San Mateo County and nearly 4,800 homes in Santa Clara County remain in the pipeline for foreclosure, the company said. Owners of these homes have received at least a notice of default but have not received a notice that their property was sold at auction.”

Low interest rates in the Santa Clara region may potentially boost the Campbell real estate market, according to a Santa Clara County Association of Realtors press release. This report found that “Record-low interest rates continue to fuel the Santa Clara County housing market, boosting home prices and spurring brisk sales…Rock-bottom interest rates and lower housing prices make homes more affordable than they have been for years.”

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