Month-over-Month Changes

In May 2024, the Hillsborough real estate market experienced several notable changes compared to April 2024:

  • Homes Sold: 13 homes were sold, marking a 63% increase from 8 sales the previous month.
  • Median Sale Price: There was a 5% decrease in the median sale price from $5,980,000 in April 2024 to $5,700,000 in May 2024.
  • Days on Market (DOM): The median days on market increased slightly from 14 days in April 2024 to 15 days in May 2024.
  • Percentage of List Price Received: Sellers received 102% of their asking price, up from 100% in April 2024.
  • Months of Inventory: Inventory decreased from 3.7 months in April 2024 to 3.3 months in May 2024.
  • Average Dollar per Square Foot: The average price per square foot increased by 3% from $1,492 to $1,537.

Analysis

The month-over-month data indicates a positive trend in sales volume, suggesting a stronger demand despite a slight decrease in the median sale price. The increase in the percentage of list price received and a higher average dollar per square foot suggests that the market remains competitive, with buyers willing to pay above the asking price for desirable properties. The slight increase in days on market may indicate a more deliberate buying process, where buyers are exploring their options more carefully.

Year-over-Year Comparison

When comparing May 2024 to May 2023, we observe significant changes in the Hillsborough real estate market:

  • Homes Sold: There was an 86% increase in homes sold, from 7 in May 2023 to 13 in May 2024.
  • Homes Listed: The number of homes listed decreased slightly from 18 in May 2023 to 17 in May 2024.
  • Median Sale Price: The median sale price increased significantly from $4,700,000 in May 2023 to $5,700,000 in May 2024, reflecting a 21% increase.
  • Days on Market (DOM): The median days on market decreased from 19 days in May 2023 to 15 days in May 2024.
  • Percentage of List Price Received: This metric increased from 99% in May 2023 to 102% in May 2024.
  • Average Dollar per Square Foot: There was a notable increase in the average price per square foot, rising from $1,176 in May 2023 to $1,537 in May 2024, representing a 31% increase.

Analysis

The year-over-year data indicates a robust market with a significant increase in median sale price and average price per square foot. The decrease in days on market suggests that homes are selling more quickly, indicating a high demand. The increase in the percentage of list price received further highlights a seller’s market where buyers are willing to pay a premium to secure properties. The overall reduction in the number of homes listed may indicate a tightening of inventory, which is contributing to the rising prices.

Price Points and Quadrants

The sales details for May 2024 are broken down by price quartiles:

  • Top Quartile: Homes Sold: 4, Median Sale Price: $7,150,000, Median DOM: 44 days, Average $/Sq.Ft.: $1,554
  • Second Quartile: Homes Sold: 3, Median Sale Price: $5,700,000, Median DOM: 0 days, Average $/Sq.Ft.: $1,057
  • Third Quartile: Homes Sold: 3, Median Sale Price: $5,025,000, Median DOM: 3 days, Average $/Sq.Ft.: $1,769
  • Bottom Quartile: Homes Sold: 3, Median Sale Price: $4,510,000, Median DOM: 15 days, Average $/Sq.Ft.: $1,431

Analysis

The data indicates that higher-priced homes, particularly those in the top and third quartiles, are moving more quickly. This suggests a strong demand for luxury properties in Hillsborough. The high median sale price in these quartiles reflects a market where buyers are seeking premium homes. The average price per square foot in the third quartile is particularly high, indicating that buyers are willing to pay a premium for larger or more upscale properties. Conversely, the quicker turnover in the second quartile with no days on market suggests a very competitive segment, possibly due to more affordable pricing within the luxury market.

Conclusion

The Hillsborough market in May 2024 demonstrated a significant increase in sales activity and pricing compared to both the previous month and the same month last year. The increase in average dollar per square foot and percentage of list price received indicates a strong demand for properties. The analysis of different price points and quadrants shows a vibrant market, especially for higher-priced homes. This suggests that Hillsborough remains a desirable location with a competitive real estate market.

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