Here is Hillsborough’s market report for May 2011. Comparing the chart above with the first 4 months of the year we see one thing clearly and that is the number of homes for sale has climbed. We are officially in the summer sales season so this really isn’t unusual since most people buy and sell during this time of year. We homes for sale are priced higher and higher and one wonders why when we hear the news tell us the the average price for homes for sale has dropped dramatically in the US and of course that always add, in California, too. Need I remind you that all real estate is local. Buying and selling real estate is the best example of how economics works. Supply and demand will determine price and if you want to live in Hillsborough and send your children to those amazing schools you will pay.
Last week there were 78 houses for sale in Hillsborough. Yes that number is different than my first number because the top chart shows May numbers and this shows June numbers along with everything still for sale from earlier. That number has been pretty flat for a while and so have the median listing price at $3.3 Million dollars. Of course you get a lot for that kind of money. You get at least a half acre and a large home with top quality construction and fine appointments.
Here’s a really interesting chart. It’s the Market Action chart showing how the market is doing. If you still think we’re at the bottom of the market because that’s what the Chase-Shiller report says, think again. We’re not. Chase-Shiller is at least 3 months behind the real market. They also aren’t local. Keep in mind that there are only 3872 homes in Hillsborough and of those only 78 are on the market. Not a huge supply…… Oh, and yes, the market hit bottom in 2010 in Hillsborough.
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