Hillsborough’s Market Update

We are beginning to see that the trend is continuing.  Hillsborough is also a Cool Buyer’s Market. This is our local community with the highest median price for a single family home, $3,299,000.  But, for that price you get a lot of house and land.  The average home is about 4800 square feet and lots in Hillsborough are a half acre minimum.

The schools in Hillsborough are the best in the county with three public elementary schools and one intermediate school.  For high school the kids can attend one of several in the San Mateo Union High School District; Burlingame, San Mateo, or Aragon High Schools.

We’re seeing homes staying on the market for much longer than other communities surrounding Hillsborough, with an average of 95 days before a sale plus the prices are holding with less than 20% seeing a price reduction.

Home prices have been hovering between $3 million and $3.5 million for all of 2007.  Despite this week’s up tic, the market seems to have paused around this plateau.

There are currently 47 homes for sale in Hillsborough ranging from ranch homes to mansions.  Hillsborough is unique in there is no downtown business area.  The town is entirely residential and a bedroom community for San Mateo and Burlingame.

The Market Action Index tells us that local conditions are currently quite strongly in the Buyer’sMarket zone (below a 30 index). The 90-day Market Action Index stands at 20.  With several months of inventory available at the current sales rate, buyers should find ample choice.

Hillsborough is home to many senior executives and professionals. It is close to SFO, an easy commute north to San Francisco or south to Silicon Valley.  The town sits in the hills to the west of Burlingame and parts of San Mateo providing a peaceful setting  and some amazing views of the bay.

There’s money to lend so if Hillsborough is where you’d like to be, give us a call so we can help you make that dream your reality.