Are Morgan Hill Home Values Rebounding?
Wednesday, January 13, 2010
Everyone knows home values have dropped over the last 3 years. Will
that slide continue?
Single family home values in Morgan Hill dropped by 17.6% from 2007 to 2008. In 2009 they fell another 18.2% . Townhomes values have likewise dropped: 26.4% from 2007 to 2008 and 18.3% from 2008 to 2009.
The average sales price of Morgan Hill homes in 2007 was $901,582. In 2008 it was $743,303, and $606,986 was the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $493,158 in 2007, $362,976 in 2008, and $296,721 in 2009.
However, it appears that the value slide has hit bottom. A closer look at 2009 average values suggests that we may have bottomed out in 9/09 and are beginning to see a rebound in both single family residence and townhome values.
Gilroy and Hollister homes and townhomes reflect a similar trend in values although the downward adjustment is more dramatic the further south you go toward Hollister.
(Data: MLSListings)
I think values are going to continue to drop. Things here in SJ are still somewhat unsettled. Heading south only makes sense when homes here are crazy. Not yet.