Last week, Hillsborough has 51 houses for sale and only saw 1 sale. Believe it or not, this is a decrease from recent weeks. The Average price for a home on the market last week was $4,499,752. The Median price was $3,775,000. We saw the least expensive home listed for $1,994,900 and the most expensive at $18,000,000. Obviously, you do get a lot of house for the money in Hillsborough, California. This median priced house will have 5 bedrooms, 4 bathrooms, sit on at least a half acre of wooded land and be about 49 years old. It’s about 4400 square feet in size. It will take that median priced home 163 days to sell.
If you care about price per square foot, and most don’t unless you’re thinking of building, this house is about $849 each little foot. This house will likely have the nicest of everything: a newer kitchen with tip-top appliances, and fine finishes in cabinets and counters; bathrooms that are spa-like; large rooms and if you’re lucky some great views of the bay. Hillsborough also has one of the best public elementary school districts in the Bay Area, making the high cost of a home more affordable for those shelling out a lot of money to send several children to private schools (especially if you live in San Francisco).
Our research company divides markets into Quartiles. The most expensive quartile is One, the least expensive is Four. Quartile One has a median price of $6,900,000 and the largest of the homes on the market, also the youngest, and these homes sit on the most acreage and also take the longest to sell. As you can see the Average Days on the Market is considerably longer than the other Quartile, it’s 270 days. There are 12 houses for sale in Quartile 1, and nothing was sold. This Quartile takes the longest to sell because the market for buyers is significantly smaller than for other price points.
Quartile Two has a median price of $4,450,000. These are large homes sitting on lots closer to the acre size than the half acre minimum of Hillsborough. They, too, are sitting on the market a long time – 170 days, and there are 13 homes for sale in this Quartile. No sales took place last week. Both Quartile One and Two attract buyers who often pay all cash. I don’t think I need to go into what’s happened to those buyers. It’s the same things that’s happened to all of us. Our money has disappeared in the stock market decline.
Quartile Three is where the action is taking place in Hillsborough right now. The median price is $2,995,000, which is nothing to sneeze at, but we saw 2 new listings and 1 sale take place in this Quartile. If you own a home in this Quartile and are thinking of selling, you have the best chance of doing it and for the least number of days on the market, too.
Quartile Four seeing a median price of $2,250,000. Like Quartiles Two and Three, they all sit on good sized lots for our area, at least a half acre and perhaps more. The house itself will be smaller than the other Quartiles, with few bedrooms and baths but you still get the Hillsborough schools system, and if you are looking at buying anywhere around $2,000,000 I recommend Hillsborough over most any other community in San Mateo County if schools are important to you.
Hillsborough is interesting when it comes to the Median Price of homes. This chart shows a bottom price in the beginning of 2006 and once again in the middle of that year and from there on prices have kept going up, even today. One would think that prices would have dropped dramatically this year but they have not. Hillsborough hasn’t seen very many foreclosures which I beleive is why prices have held. Even though the jumbo-jumbo loan market has slowed to a trickle, money is still there for those people who qualify.
The overall market for Hillsborough is a Buyers Market. Using our research company’s speak, it’s a ColdBuyers! Market. The red line sitting at 30 is where the market shifts from a Seller’s Market to a Buyer’s Market. We’ve been in that Buyer’s Market since mid 2007 but the seller’s in Hillsborough just haven’t quite gotten the message so they price high and are willing to sit a long time to get close to that price. Only 27% of the houses listed have seen a price reduction. These sellers are likely to relist the property if the listing agreement expires, too. They do want to sell but just not enough to negotiate a lot.
If you want to live in Hillsborough then be prepared to pay a high price for that desire. If you want more information about this report, or want to receive a copy of it in full detail call me at 650-696-2820. I am here to serve you and your real estate needs.