Of the 3 cities which make up ‘ South County‘, the City of Hollister, CA single family residences saw the highest appreciation from 1st quarter 2013 to 1st quarter 2014.
The average Hollister single family residence (SFR) value rose 23.1% whereas Morgan Hill, CA experienced 21.9% and the City of Gilroy, CA saw their SFR rise by 11.2% from 1Q13 to 1Q14.
However, Hollister’s typical SFR value dropped 43% from 1Q07 (when many say the bubble burst) to 1Q13. Morgan Hill dropped 32.5% and Gilroy 30.6% during this same period. Hollister’s ave. SFR value in 1Q07 was $302,383, down to $240,798 in 2013 and up to $274,309 1Q14.
Another indicator of Hollister’s recovery is the time it takes homes to sell. The average days on the market in 2007’s 1st quarter was a whopping 148 days. In 1Q13 the time dropped to 124 days on the market. That is a 69% improvement! Then, this year we watched the average days on the market drop even further to 24.
Finally, the average Sales to List price ratio was 99.5% in the 1st 3 months this year compared to slightly over 96% in both ‘o7 and ’13 first quarter. They are selling faster and virtually at their asking price.
What do you think this trend will do?
(data source: MLSListings)