Upper Hillsborough Real Estate Market Update September 2011 - Steady Market

Raziel Ungar

October 16th, 2011 - 2 min read
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Sales have been steady in the Upper Hillsborough region of Hillsborough. There have been 42 single family homes sold through September, as compared to 41 at the same point last year.

While sales are flat, inventory has declined slightly. At the end of September, there were 24 homes for sale, down from 30 homes at the same point last year.

The average days on market -- a measure of how long a home has been on the market from list date to sale date -- has been roughly flat at 60 days in 2011, as compared to 63 days in 2010.

Movement in price levels is difficult to measure when there are so few sales. Most fluctuations of average or median prices are due to random changes in the type of home being sold, rather than actual changes in prices. For example, average prices are down five percent and median prices down fourteen percent in 2011 compared to 2010. However, this decline has been driven entirely by the fact that on average smaller homes have been selling. While "small" is relative when talking about Hillsborough, the average square footage of a home sold in Upper Hillsborough in 2011 has been about 350 square feet smaller than in 2010. We have seen the same move to slightly smaller homes in Lower Hillsborough. Looking at price per square feet, which is a way for adjusting for the size of a home, average selling values have been holding firm in the $650 range.

For this analysis, Upper Hillsborough is defined as the neighborhoods of Hillsborough Hills, Skyfarm, Carolands and Lakeview. To view a map of Hillsborough, click here.

Recent Sales in Upper Hillsborough

Address Recent Sale Beds Baths Square Feet Previous Sale Annual Change
550 Pullman Sep 2011 $2,588,000 3 3 2,567 May 2001 $2,680,000 -0.3%
20 Lemon Sep 2011 $3,000,000 5 4+ 4,770 Mar 1980 $475,500 6.0%
1525 Black Mountain Sep 2011 $2,765,000 5 4+ 4,180 Oct 2002 $2,400,000 1.6%

By The Numbers - Upper Hillsborough September 2011

YTD Total or Average
Jan - Sep 2010 Jan - Sep 2011
Sales 41 42
Days on Market 63 60
Average Price $2,415,756 $2,287,619
Median Price $2,326,707 $1,990,833

See below for all of our latest real estate market updates for September 2011:

San Mateo County Belmont Burlingame and neighborhoods (Burlingame GroveBurlingame HillsBurlingame VillageEaston AdditionMills EstatesRay ParkTerrace) Foster City Hillsborough and neighborhoods (Upper Hillsborough, Tobin Clark Estate, Lower Hillsborough) Redwood City Redwood Shores San Carlos San Mateo

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