Month-over-Month Changes

In March 2024, the Hillsborough real estate market experienced notable activity compared to February 2024:

  • Homes Sold: Increased by 17%, with 7 homes sold in March compared to 6 in February.
  • Median Sale Price: Saw a 12% increase from $3,990,145 in February to $4,485,000 in March.
  • Days on Market (DOM): Decreased significantly from 20 days in February to 7 days in March.
  • Percentage of List Price Received: Improved, with sellers receiving 105% of their asking price, up from 97% in February.

Analysis

The month-over-month data highlights a robust rebound in the Hillsborough market, with increased sales and a significant rise in median sale prices. The dramatic decrease in DOM suggests a high demand for homes, with properties selling much faster than the previous month.

Year-over-Year Comparison

Comparing March 2024 with March 2023 unveils the following insights:

  • Homes Sold: Decreased by 36%, from 11 homes sold in March 2023 to 7 in March 2024.
  • Median Sale Price: Experienced a sharp decline from $6.30M in March 2023 to $4.48M in March 2024.
  • Days on Market: Improved, dropping from 10 days in March 2023 to 7 in March 2024.
  • Percentage of List Price Received: Decreased from 113% in March 2023 to 105% in March 2024.
  • Months of Inventory: Increased from 3.7 months in March 2023 to 2.7 months in March 2024, indicating a slight easing in market tightness.

Analysis

Year-over-year, the market shows a decrease in the volume of sales and a significant reduction in sale prices, which could indicate a cooling market. However, the faster sale times and high percentage of list price received suggest that while the market may be smaller, it remains competitive for quality homes.

Price Points and Quadrants

The sales details for March 2024 across different quadrants are as follows:

  • Top Quadrant: Median Sale Price: $6,609,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,319.
  • Second Quadrant: Median Sale Price: $4,742,500; Median DOM: 3; Avg. $/Sq.Ft.: $1,257.
  • Third Quadrant: Median Sale Price: $3,878,500; Median DOM: 7; Avg. $/Sq.Ft.: $1,503.
  • Bottom Quadrant: Median Sale Price: $3,600,000; Median DOM: 10; Avg. $/Sq.Ft.: $1,910.

Analysis

This breakdown shows a wide range of activities across different price points, with the highest-priced homes selling faster than the previous year. This trend suggests that while the overall number of sales may be down, there is significant interest in premium properties, indicating a resilient demand at higher price points.

Conclusion

The Hillsborough market in March 2024 showed a mix of trends with an increase in activity month-over-month but a cooling year-over-year. The market dynamics suggest a selective market where premium properties are still highly sought after, reflecting a strong market for sellers of high-end homes. The faster DOM and consistent sales above list price highlight the competitive nature of Hillsborough’s real estate market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.