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Properties are selling in in the Campbell Market Area 15 at all price ranges under $1.0 million down to about $450,000! There are currently 46 homes “sale pending”. The “average” price prior to selling is $680,739 for a 1763 sq. ft. home that was on the market 96 days.
There is a “normal” market above about $625,000, but unfortunately the majority of homes priced under $580,000 are either real estate owned by a bank (REO) or are short sales, where the value is less than the current loan amount.
About two thirds of the pendings are “normal” sales, but one third are REO or short sales. They dropped their price an average of $44,583 before they got a buyer and undoubtedly agreed upon an even lower price to be disclosed upon closing escrow. REO and short sales predominate pending sales under $600,000.
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