It’s been a while since I’ve given a report on any of our markets, so yes, it is about time to let you know the good, the bad and the ugly. Yes, there is ugly in San Mateo County, just not here. The town of Hillsborough, California is definitely not an ugly market, it’s a little gem of a town. No downtown. No businesses really located there except for those who cheat and work from home. Large lots. Large homes. Fabulous schools. Big prices. Beautiful views. Tree filled lots. What’s not to like?
Last week there were 55 homes for sale ranging from a low of $1,699,000 to a high of $18,000,000. Obviously there’s a great deal of difference between the lowest priced home in Hillsborough and the highest. The average number of days a Hillsborough home is on the market today is 123 days, and that’s a reduction of late. There were 6 houses “absorbed” — either sold or removed from the market for other reasons.
One third of all listings have seen a price reduction during the 123 days on market, yet the median price has risen recently to $3,480,000. The median price for a Hillsborough home has generally been in the $3 million range the last part of 2008.
Market Action Index
Altos Research, the company who provides our research established a Market Action Index that delineates between a Buyer’s Market and a Seller’s Market. They set this line at 30. We haven’t seen a Seller’s Market in 18 months. Clearly we sit in a Buyer’s Market, where buyers are offering prices below list and too many sellers are still thinking the market is Q-1 2007. Those days are long gone. A seller who wants to sell their home needs to price correctly, be willing to negotiate with the buyer, and be realistic about the market in Hillsborough. We are not at bottom, that was a little while ago, but we are bouncing along a little about it.
The Quartiles of the Hillsborough CA Market
Every single market Altos Research covers is divided into Quartiles with the 25% least expensive home to the top 25% most expensive home. This is how you can see which quartile has sales. There were 2 in the first Quartile, the most expensive; None in the second Quartile the Upper-Middle 25%; there was one in the third Quartile, the Lower-Middle 25%; and three in the Lower-Quartile. As you can see the Average Days on Market was only 65 for the lower-Quartile, too.
If you have wanted to move to Hillsborough, have great credit, money in the bank, and a good job this is the absolute best time to be able to do this. We have many beautiful homes for sale there and it would be our pleasure to show them to you. Give us a call at 650-696-2820 for more information.