Hollister
– Home prices in San Benito County held steady in February, with
the market continuing to lag behind its position a year ago.
Hollister – Home prices in San Benito County held steady in February, with the market continuing to lag behind its position a year ago.
Sixteen homes closed escrow last month at a median price of $585,000, according to the real estate database REInfoLink. In February 2006, 24 homes closed escrow, with a median price of $600,000.
Realtors said homes selling between $500,000 and $600,000 dominated the local market. In fact, more than half of February’s sales were in that range.
Dee Brown, a broker associate with ReMax Platinum Properties, said that most homes for sale seem to be either moderately priced houses targeting first-time homebuyers or much more expensive options aimed at buyers who are interested in “moving up.”
“There seems to be almost nothing available in between,” Brown said.
Two-thirds of homes currently on the market are listed for less than $700,000. Listings drop off dramatically for homes priced between $700,000 and $1 million, before picking up again for homes listed at more than a $1 million.
But buyers may not be interested in the priciest homes. The costliest home sold last month went for $985,000, while the most expensive home on the market was listed at $2.75 million.
Brown also noted that sellers tend to be settling for less than their asking price, a big change from the boom years. Homes sold in February of 2005, Brown said, went for an average of 100.57 percent of the list price. Last month, homes were sold for an average of 96.07 percent.
The most expensive and least expensive homes sold in February reflected the same trend. The priciest house, a four-bedroom, three-bathroom “executive-style home” at the Ridgemark Golf and Country Club, was listed at $1.075 million and sold for $985,000. The least expensive home, a one-bedroom, one-bathroom “fixer-upper” in Aromas, was listed at $345,000 and sold for $215,000.
Overall, the market continues to lag behind early 2006. Sales totaled $16 million in February 2006, and only added up to $10 million last month.
However, Renee Kunz, manager of the local branch of Intero Real Estate Services, said her office actually saw January’s sales improve over those a year earlier.
“February was at least even with last year,” Kunz added.
Both Realtors reported seeing more people at open houses. Kunz acknowledged that many weren’t serious buyers, but she said that she also sees plenty of people who are very interested in purchasing a home.
The market is likely to pick up in the coming months, Kunz said. One indicator, she said, is that Silicon Valley homes are starting to receive more and more offers.
“As that market picks up, it moves south,” she said.
Anthony Ha covers local government for the Free Lance. Reach him at 831-637-5566 ext. 330 or ah*@fr***********.com.
