Lower Hillsborough Real Estate - March 2012

Sales Down in 2012 (Compared to Busy 2011)

After a strong 2011, sales are down sharply in the Lower Hillsborough region of Hillsborough. In 2011, there were 79 homes sold in the area, up from 59 in 2010.  Through the first three months of 2012, there have been only six homes sold, versus 19 sales in the same period in 2011.

Sales activity has likely been hampered by lower inventory. There were 23 unsold homes on the market in Lower Hillsborough in March 2012, down from 32 unsold homes at the end of March 2011. Two factors are contributing to the low inventory. One is that inventory was low at the end of 2011 due to the high sales activity. Second is that there have been fewer newly listed homes coming onto the market. In the first three months of 2012, 30 homes have been newly listed. There were 41 homes newly listed in the first three months of 2011.

Homes that are selling are not staying on the market for long. The six homes that have sold in 2012 did so in an average of 43 days, which is about 20 days faster than the average for the past few years in the Lower Hillsborough real estate market.

There have not been enough recent home sales to get an accurate price reading.  The limited data we do have suggests average selling values per square foot remain in the $700-$750 range.

Thinking of buying or selling a home in Lower Hillsborough?

If you're interested in learning more about the Lower Hillsborough real estate market, considering selling your home in Lower Hillsborough, or thinking about moving to Lower Hillsborough, please drop me a line and I'd love to connect with you.

For this analysis, Lower Hillsborough is defined as the neighborhoods of Brewer Subdivision, Country Club Manor, Hillsborough Heights, Hillsborough Knolls, Hillsborough Oaks, Hillsborough Park, Homeplace, Parrot Drive, and Ryan Tract. To view a map of Hillsborough, click here.

By The Numbers - Lower Hillsborough Real Estate for March 2012