Hillsborough Real Estate - 2011 Review

An Overview of the 2011 Hillsborough Real Estate Market

Although activity tailed off at the end of the year, there were still 137 single family homes sold in Hillsborough in 2011. This was the most sales in any year since 2005, and represents the third consecutive year of rising sales.

Impressively, sales were up at the same time that the number of for-sale homes was down. A total of 216 homes were listed on the market in 2011, about 40 fewer listings than 2010. While there were also holdover homes listed in 2010, the ratio of sales to new listings was 63%. In the past three years, the ratio had been under 50%. The bottom line is that sellers were more likely to be able to sell their home in 2011 than in past years.

 

Not surprisingly, with fewer listings and more sales, inventory declined. There was an average of 57 homes for sale at the end of each month in 2011, down from 76 in 2010. At the end of the year, there were only 34 homes for sale. At the end of 2010 there were 46 homes for sale. Less inventory may have helped firm up pricing, though this is not readily apparent by looking at the average and median selling prices.

Hillsborough Real Estate Prices & Stats

Average and median selling values both declined by single % amounts in 2011 and remained in the $2.5 million range.  However, the drop was driven by the fact that on average smaller homes sold in 2011 than 2010. Being Hillsborough, small is relevant. The 137 homes sold in 2011 were about 3,750 square feet on average, down from 4,000 square feet in 2010.  The average price per square foot was $701 in 2011, up from $678 in 2010, a change of three percent. The monthly price trend suggests some strengthening throughout the year. Also of note, in December, the ratio of sales price to list price for the four homes was above 100, which suggests buyers bidding above asking prices. While one month does not at all make a trend, this was the first month above 100 since early 2008, so perhaps a sign of upward pricing pressure going into 2012.

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 2011