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.