Remember when we were on a road trip with the kids in the car? What was the question they always got around to? “Are we there yet?”
Nearly every day people ask me the same question relative to home values: “Are housing values at the bottom yet?” The answer varies depending the area you are asking about.
In this article Forbes provides mixed answers: homeowners in the San Francisco Bay Area may “be there”. Other places in CA and around the country, however, may have a ways to go yet before their house-value-slide ends.
San Jose was specifically listed as one of the few metro area where values seem to have leveled. This continues to be good news for Morgan Hill, Gilroy and Hollister home values. With the majority of South County residents commuting up into the Bay Area, home values in these three cities will continue to follow San Jose’s lead.
So, Johnny, we’re there – but we won’t be returning to increased values for some time to come.
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)
In an attempt by Santa Clara County’s Transportation Agency to close a $10.1 million budget gap consideration of terminating Caltrain service to Gilroy has been discussed for some time. However, thanks to persistent lobbying by Lisa Rheinheimer, executive director of the San Benito County Council of Governments, commuter train service for Gilroy will continue. The Transportation Agency was also presented with a resolution from the Hollister City Council and San Benito County Board of Supervisors in support of continuation of the Gilroy Service. Additionally, nearly 700 comments from the public, most of which were in support of keeping Gilroy train services, helped the Agency to keep Gilroy in the loop.
Some changes in service will impact commuters. To save nearly $2 million in next year’s budget the mid-day service will run every hour rather than every half hour. Parking costs will go up $1 to $3 per day. The bulk ticket “Go” passes will also see a slight fee increase.
So, of the 39,122 riders on the Caltrain system (2/09), the 324 commuters from South Santa Clara County can keep their transportation plans on track.
Good work everybody!
For more information go to: pinnaclenews.com
Remember when we were on a road trip with the kids in the car? What was the question they always got around to? “Are we there yet?”
