Hollister
– Things looked a little glum for San Benito County’s real
estate market in April, as home sales dropped and the number of
houses on the market continued climbing.
Hollister – Things looked a little glum for San Benito County’s real estate market in April, as home sales dropped and the number of houses on the market continued climbing.
There were 22 home sales in April, more than the 16 sold in February, but down from the 33 sales in March, according to data from the REInfoLink database. The median price of homes sold dropped slightly month-over-month, from $595,000 to $589,000.
However, local real estate agents told the Free Lance that the market is holding steady, and some believe things will pick up soon.
Jack Kirk Jr., an agent with Realty World, said he started seeing more activity after April 17, which was tax day. However, with more houses on the market, potential buyers don’t seem to be in a hurry to seal the deal, Kirk said.
“People are still hesitant to jump right in,” he said. “There’s a lot of supply, so people want to get out and look around.”
In fact, there were 471 homes on the market in April, an increase from 427 in March and up more than 40 percent from the 326 homes on the market in April 2006.
“There are a lot of people who have been trying to sell for a long time,” real estate agent Dee Brown said.
Brown, who is an agent with ReMax Platinum Properties, said sellers with expensive homes, in particular, are cutting prices repeatedly and still struggling to find buyers.
Coldwell Banker agent Ray Pierce also attributed the growing supply of homes to the number of houses that have been foreclosed and are now being offered for sale by banks. Those homes drive down prices and make it harder to sell, Pierce said.
“We’re starting to see the effects of that,” he said. “It’s supply and demand.”
However, Pierce noted that the regional housing market is starting to pick up – sales in the San Francisco Bay Area increased by 37.9 percent in March, and the region’s median housing price went up by 5.5 percent, according to the California Association of Realtors.
“Normally we have a trickle down,” Pierce said. “Right now, it’s sort of wait-and-see.”
Brown and Pierce both said the recent market slowdown has forced some Realtors to leave the business. Maricela Ramirez, executive officer with the San Benito County Association of Realtors, confirmed that association membership – which is renewed at the beginning of every year – fell from 282 in 2006 to 243 in 2007.
The most expensive home sold in April was a Hollister house on 7.25 acres with a pool and spa. The home went for $1.322 million, more than $100,000 less than the $1,499,000 asking price. The least expensive home sold for $464,000, a $5,000 increase from the asking price; it was a four-bedroom, two-bathroom ranch-style home, also in Hollister.
Anthony Ha covers local government for the Free Lance. Reach him at 831-637-5566 ext. 330 or [email protected].
