Hillsborough Catches Rising Prices Bug
Although it was a little late to the party compared to neighboring Burlingame and San Mateo, and nearby San Carlos, the data now clearly shows prices are rapidly rising in Hillsborough. The 12 month moving average price per square foot is up nearly 8% year over year with most of the gains in the past few months. In the past six months, every month has had an average price per square foot of at least $700 and five of the six months have been above $740. In the prior three years, there were only two months above $740, so there has been a clear upward shift in the Hillsborough real estate market.
Healthy Sales Activity Healthy to Start Year
In the first three months of 2013, there have been 27 homes sold in Hillsborough, up from 20 in the first quarter of 2012. Sales have been on an long-term upward trend since reaching a low of 94 sales in 2008. There were 145 sales in 2012.
Unlike many areas of San Mateo County, where inventory levels are at historically low levels, the Hillsborough real estate market has closer to an average level of listings. At the end of March 2013, there were 54 homes on the market in Hillsborough, one more than March 2012. In comparison, Burlingame had 14 homes left on the market at the end of March 2013, less than half as many as in March 2012.
Because there is more inventory, buyers are less likely to get in a bidding war in Hillsborough than neighboring real estate markets. We see this in the data by looking at the average sales price to list price ratio which has remained below 100%, meaning that the average home is selling for less than the asking price. In many nearby areas it is above 100%.
By The Numbers - Hillsborough Real Estate for 2013
|Current Month||YTD Total or Average|
|March 2012||March 2013||Jan - Mar 2012||Jan - Mar 2013|
|Days on Market||85||30||81||48|
|Months of Supply||4.4||3.9||7.5||5.5|
|Avg $ per Sq Ft||$665||$745||$646||$777|
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.