Hollister Home Values, Turning Around
Friday, January 15, 2010
We all know home values have dropped over the last 3 years. Will that slide continue?
Single family home values in Hollister dropped by 41.6% from 2007 to 2008. In 2009 they fell another 17.4% . Townhomes values have likewise dropped: 54.3% from 2007 to 2008 and 25.5% from 2008 to 2009.
The average sales price of Hollister homes in 2007 was $548,562. In 2008 it was $320,419, and $264,601 the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $339,780 in 2007, $155,354 in 2008, and $115,725 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.
Morgan Hill & Gilroy home and townhomes reflect a similar trend in values although the downward adjustments in value are more dramatic as you go south to Hollister.
(Data: MLSListings)
Do you think prices will go up a lot by the end of this year? We are need to move by Dec.
Yes Juana, I think you will see a decent increase in your home’s value if it is currently $400,000 or less. The higher price homes will see more decline unfortunately. Keep watching this blog. I’ll post property values through out the year.
Mike
I was waiting to buy a home. But I read your article about the cost of waiting. Now I read this article so I’m going to buy a home now. Would you contact me?
Hello Andres,
I’m glad you have caught my “hurry up” message. Let’s get together tomorrow (Sat.) or first of the week. Just call with your preferred schedule. See you then.