If you have been waiting to buy a home, NOW is the time.
If you have been waiting to refinance your current home today is the day.
Neither these rates nor the sale prices will remain down here much longer. Some day soon the bills for “CHANGE” will come due and we’ll see the rates begin to rise.
Look at this AP article for more details.
Gilroy home values have already bounced off the bottom. Likewise, Morgan Hill and Hollister homes have seen a balance in demand and supply.
Time for your co-workers, friends and family to make their move.
What do you think?
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)
We have all watched the sales prices of homes drop over the last 3 years. The question is: Will that slide continue?
Single family home values in Gilroy dropped by 35.5% from 2007 to 2008. In 2009 they fell another 18.4% . Townhomes values have likewise dropped: 38.5% from 2007 to 2008 and 29.5% from 2008 to 2009.
The average sales price of Gilroy homes in 2007 was $796,676. In 2008 it was $513,913, and $419,228 was the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $426,627 in 2007, $262,566 in 2008, and $185,070 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 & Hollister 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)
Here’s a “High 5” for Gilroy City Council and Police Chief Denise Turner! Gilroy has a ’dangerous dog’ ordinance with some new “teeth” in its consequences.
Those who parade their dangerous dog like a warning sign will be responsible for their pet’s conduct: they now have strict liabilities for the costs of insurance, spay/neutering, microchipping and fines. I just wish such an ordinance was on the books earlier…
The appraiser for one of our sales was attacked by the occupant’s dog even when the dog’s owner was right there with the appraiser. I was in another part of the home and heard the commotion. Unless you have experienced it yourself you cannot know the horror such an attack can have. Not only is the event itself bone-chilling but the vivid memory of the attack lives long in the mind of the innocent person who was assaulted. To the appraiser’s credit the value of the home was not negatively affected.
A friend of ours little girl was playing with her neighbor friends when their dog attacked her. The top half of her ear was torn off and she had teeth punctures in her forehead. The medical treatment included a rabies regimine. While she recovered physically that girl had emotional problems for many years after.
What do you think? Do you think Gilroy’s toughened animal control ordinance went too far, not far enough? If you think Gilroy, like San Francisco and Santa Monica over reacted to dangerous dogs I have one question for you: have you personally been involved in or know intimately of, a dog attack?
Click here for the details of Gilroy’s new ordinance.
If you have been waiting to buy a home in Hollister review the following sales activity and then go buy your Hollister home.
The Average Sales Price (ASP) increased 15.2% from May to June! Hollister’s ASP in June was $287,900 whereas a month earlier the average was $249,900. Compared to June 2008 however, Hollister’s ASP was down 14.7% .
A valuable indicator: the “Closed Sales to New Listings ratio” (CS:NL) is actually in conflict with the jump in ASP. June’s CS:NL ratio dropped to 56.9% from May’s 89.6%. We saw the same drop in Gilroy for June however, their ASP also dropped. The harbinger of things to come, may lie in the nice increase of Hollister’s CS:NL over 6/08’s ratio of 40.2%. Just wait and see. As our CS:NL ratio increases so will our ASP.
Nearby Morgan Hill’s homes experienced an increase in both the CS:NL ratio and ASP.
My strong advice: if you plan to buy a home this year do it now. We see nothing that suggest prices will drop or even level off in the foreseeable future. Likewise I think interest rates for home loans are about as low as they are going to get.
For your own study of the actual Multiple Listing Service figures go onto “Client Portfolio” on the navigation bar. There you can see a great deal of real-time data. Enjoy.
Here’s the good news Gilroyans: Our Closed Sales-to-New Listings-Ratio (CS:NL) nearly doubled that of 
the same time last year. June’s CS:NL ratio was 87.3% vs. 47.6% in June last year. The “bad” news is that June’s CS:NL ratio was down from May’s 93.5%.
As you would expect, Gilroy’s Average Sales Price (ASP) of $395,900 dropped 3.8% in June from the month prior ($411,500). Likewise, the ASP was down 32.5% from 6/08’s $586,800.
While interest rates and prices are still down buyers who want the American Dream, Gilroy-style, should jump on the shrinking inventory of homes. Gilroy’s home prices will go up.
Down the road in Hollister the CS:NL ratio also dropped from May to June but the ASP went UP 15.2% in that same month! Compared to ‘08 Hollister is following Morgan Hill and Gilroy’s trend of an increasing CS:NL ratio.
For your own study of the actual Multiple Listing Service figures go onto “Client Portfolio” on the navigation bar. There you can see a great deal of real-time data. Enjoy.
In these Dog Days of Summer it seems like every other home I show in Gilroy lately has a pet door in the garage door entry to the home. There is nothing more exciting than to have “Spike” come blasting through the door to check out who is in his home.
Gilroy, as well as virtually every other city, has a building code requiring that homes be built with a firewall between the attached garage and the home. Many house fires begin in the garage so the firewall is engineered to impede a fire which starts in the garage from spreading to the home. Most jurisdictions require the firewall to provide such a delay for up to two hours.
While making “Spike’s” life a little more convenient the homeowner who puts a pet door in the the door leading into the home from the garage may have problems collecting from their homeowners insurance where a fire began in the garage.
I find it interesting that many insurance agents say homeowners with such pet doors will still be covered yet home inspectors seem compelled to address this issue in their written reports.
Occasionally, a homeowner will cut the firewall for attic access or to install a drop down ladder. They may face the same dilemma with their insurance company.
Building Code also requires that your garage-to-home door have a functioning, self-closing, hinge. For obvious reasons that door needs to close so that the firewall retards the spread of a garage fire. For reasons beyond me some homeowners disengage such a hinge. Again, such a move may prove costly later.
So, why not check with your homeowner insurance agent and see what their position is on the doggie door dilemma. We can check with the City’s code enforcement folks. Sorry “Spike”. Of course the standing rule remains: “caveat emptor”.
As I hear the familiar sounds of the pickers in my apricot orchard I’m reminded that it is that time of the year for the Gilroy Garlic Festival.
31 years ago Dr. Rudy Melone decided that Gilroyans shouldn’t be embarrassed or apologetic about our prolific crop of garlic but be proud of it. Dr. Melone also thought that the “Stinky Rose” could be a fund raising source and activity for his beloved community. So he cornered the local garlic farmers and convinced them to hold such an event and earn some funds for the local Rotary club. A media luncheon was held and they were also convinced. Reluctant city leaders were pulled into the fray and 7 months later, in 1979, the first G arlic Festival arrived.
That 1st festival netted $19,000. In the 30 years since then, more than $8 million has been given back to the community!
But what I really like is the cheerful community involvement where hundreds of charity and non-profit groups work side by side as volunteers and vendors earning funds for their group. The Gilroy Gators Swim Teams earns over $6,000 during the 3 day event. Hope Rehabilitation earns more than $3,000. Even the $400 earned by Sunset 4-H club is much more than they could earn selling cookies in front of the market. My son-in-law is a Scout Master of a local Boy Scout troop. They will earn all of their entire year’s operating funds from selling lemon aid at the Festival.
When we say it is “tons of fun” for the visitors we mean that, literally: approximately 11 tons of beef, 5 tons of pasta, 5 tons of calamari, 3 tons of scampi and 3 tons of fresh Christopher Ranch garlic is expected to be consumed by the 100,000 patrons. Additionally, there are live bands, events for the kids, and all of the normal fun activities you would expect as such a world class event.
Why not plan on coming out for good food, lots of fun and helping so many good organizations. This year’s Festival will be held on Friday – Sunday, 7/24 -25-26. Gates open at 10:00 AM. For more information go to: gilroygarlicfestival.com
If you have thought about buying a home in Gilroy, it’s time to act! May’s Closed Sales were up 75.8% over 5/08! This is the 5th straight month of increased Closings over the same period last year. Year-to-date Gilroy Closings are up a whopping 128.9% over the first 5 months in ‘08!
The supply of homes listed for sale dropped 75.8% in May and was the 5th consecitive month this year where New Listings dropped. So far this year our Gilroy New Listings are down 32.7% from last year.
Similarly, Morgan Hill’s Closed Sales are up 59.4% and the number of New Listings is down 23.5% from 2008.
While the price levels and home loan interest rates are still low NOW is the time to come join us in the “Garlic Capital of the World” and buy your own home.
