Month-over-Month Changes

In November 2023, the Hillsborough real estate market experienced the following changes compared to October 2023:

  • Homes Sold: Remained stable at 6 homes.
  • Median Sale Price: Decreased by 2% from $5,237,500 in October 2023 to $5,150,000 in November 2023.
  • Days on Market (DOM): Increased to 31 days from 19 days in October 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price, up from 94% in October 2023.

Analysis

The Hillsborough market in November 2023 showed stability in the number of homes sold but a slight decrease in median sale prices. The increase in DOM suggests a slight cooling in market activity. However, the increase in the percentage of list price received indicates continued strong demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the following changes were observed:

  • Homes Sold: No change (6 homes sold in both years).
  • Median Sale Price: Decreased significantly from $7.21M in November 2022 to $5.15M in November 2023.
  • Days on Market: Decreased slightly from 34 days in November 2022 to 31 days in November 2023.
  • Average Dollar per Sq. Ft.: Decreased from $1,694 in November 2022 to $1,269 in November 2023.

Analysis

Year-over-year, the Hillsborough market has seen a notable decrease in median sale prices and average dollar per square foot, indicating a potential softening in the market. However, the stable number of homes sold and a slight decrease in DOM suggest a consistent level of market activity.

Price Points and Quadrants

The sales details for November 2023 were broken down by quadrants:

  • Top Quadrant: 2 homes sold, Median Sale Price: $9,650,000, Median DOM: 70, Avg. $/Sq.Ft.: $1,183.
  • Second Quadrant: 2 homes sold, Median Sale Price: $5,150,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,329.
  • Third Quadrant: 1 home sold, Median Sale Price: $4,575,000, Median DOM: 23, Avg. $/Sq.Ft.: $1,407.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $3,250,000, Median DOM: 131, Avg. $/Sq.Ft.: $1,136.

Analysis

The data indicates that the top and second quadrants are the most active, with higher-priced homes selling faster. This suggests a continued interest in premium properties in Hillsborough, despite the overall decrease in median sale prices.

Conclusion

The Hillsborough market in November 2023 showed stability in the number of homes sold month-over-month and year-over-year. However, there was a significant decrease in median sale prices and average dollar per square foot compared to the previous year. The market dynamics indicate a potential shift, with premium properties maintaining their appeal. This analysis provides valuable insights for both buyers and sellers in understanding the current market trends in Hillsborough.

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