Justin Sullivan/Getty Images

"Silicon Valley’s economy has finally hit bottom, and is showing meager signs of improvement," Santa Clara County Assessor Larry Stone said in his annual report, released Wednesday.

For the first time in three years, Stone reported, property values actually improved in the South Bay.

The total assessed value of Santa Clara County's real estate increased by 1.3 percent over last year, a trend that was mirrored in San Francisco and San Mateo counties.

“Compared to the last three years, this very small increase in property assessments provides encouraging news, and hopefully signifies the beginning of a positive trend out of the depths of the Great Recession,” Stone said in a statement.

On the other hand, properties in Contra Costa, Sonoma, Solano counties continued to lose value. In Alameda County, property assessments increased by less than half a percent.