Last week the Town on Hillsborough, CA has 79 homes for sale. Prices ran from an unbelievable low of $999,999 (yes, it is a Bank Owned property so run fast before it’s gone) to a high of $18,000,000. And yes, there is a vast difference between these two properties from size to acreage but both are in our most coveted town, Hillsborough. The Median priced home was $3,395,000 and this puppy is 5 bedrooms, 4 baths, sits on a half acre and is about 49 years young. She’s likely had a complete facelift, like most of the grand dames of Hillsborough (just kidding).
Inventory has been climbing of late. In fact, quit dramatically by looking at the Altos Research chart above. There were 79 active listings last week and these have an average of 165 Days on the Market (DOM). Prices are holding. We’re only seeing 30% with decreased list price so either the seller’s are holding out for their price or the buyer’s are holding out for their price but either way, about 1/3 of all of these 79 listings are priced too high.
We are seeing loans for homes in these price ranges today but most of them require 30% down. We were told of one lender who as of this morning, would do a jumbo-jumbo for 20% down but that was this morning and with the volitility of loans right now, that might be gone already. So, Hillsborough prices remain high, high, high which is why Hillsborough is in the top 10 of the most expensive towns to live in today.
Looking at the market as a whole, dividing it into quarters or quartiles for this chart, it really makes no difference which quartile you’re in the average number of days on the market is pretty similar which isn’t always the case in our other neighboring communities. Inventory is even and sales are too.
Hillsborough is firmly in the Buyer’s Market sitting at 15. Were you trying to time the bottom of the market? Too bad. You missed it. If you want to live in Hillsborough this is the time to do it. We have historically low interest rates. We have 79 properties to choose from. Hillsborough has the top schools for San Mateo County. It has charm, it has beauty and it is close to SFO, the City, the Valley and the Coast. What’s not to love? At our office meeting this morning the discussion of what is going to happen to the money market was a big one. Most of us think interest will creep up the rest of this year. A year from now we could see 7% or more for interest. You’ve already missed the bottom for the Hillsborough market. What is keeping you from buying now? We’re here to help you. Click the “contact us” button on the left and we’ll respond. I promise.