Hillsborough Real Estate - March 2012
Modest First QuarterEven with a healthy 13 sales in March, it has been a quiet start to the year in Hillsborough. In the first quarter of 2012, there have been 21 homes sold, down from 31 in the same period in 2011.
Some of the slow-down in sales activity might be related to the constrained level of inventory. At the end of March 2012, there were 49 homes for sale in Hillsborough. At the same point last there were 59 homes for sale and in 2010 there were 71 homes left unsold at the end of March. With less available inventory, buyers are not as easily able to find homes that meet their requirements, pushing down the number of transactions.
Inventory is down in most areas of San Mateo County, due to a combination of a low starting point of inventory at the end of 2011, modestly higher sales to start the year, and a dearth of new listings. Two out of three of those conditions match the experience in Hillsborough. Inventory was low at the end of 2011 and new listings are down 8 percent in 2012.
Prices Appear SteadyOn a 12 month moving average basis, median and average selling values have been relatively flat over the past half-year. An average home in Hillsborough will still set you back about $2.5 million for about 4,000 square feet (along with the excellent schools, large lots and safe surroundings).
A big driver of the total cost of a home in Hillsborough is the large size of homes in the city. The average price per square foot is about $680, approximately 10 percent higher than in neighboring Burlingame. However, because the average home sold in Hillsborough is 4,000 square feet, versus under 2,000 square feet in Burlingame, the difference in average selling values is more than 100 percent.
Thinking of buying or selling a home in Hillsborough?If you're interested in learning more about the Hillsborough real estate market, considering selling your home in Hillsborough, or thinking about moving to Hillsborough, please drop me a line and I'd love to connect with you.
By The Numbers - Hillsborough Real Estate for 2012
|Current Month||YTD Total or Average|
|March 2011||March 2012||Jan - Mar 2011||Jan - Mar 2012|
|Days on Market||66||79||67||77|
|Months of Supply||5.4||3.8||5.2||6.7|