Month-over-Month Changes

In April 2024, the Hillsborough real estate market observed some notable fluctuations compared to March 2024:

  • Homes Sold: The number of homes sold remained stable at 8 homes, showing no change from the previous month.
  • Median Sale Price: There was a significant increase in the median sale price, rising by 33% from $4,485,000 in March 2024 to $5,980,000 in April 2024.
  • Days on Market (DOM): The average days on market increased to 14 days, up from 7 days in March 2024.
  • Percentage of List Price Received: Sellers received 100% of their asking price, a decrease from 105% in March 2024.

Analysis

The stability in the number of homes sold month-over-month contrasts with the sharp rise in median sale prices, suggesting that while the volume of transactions didn’t increase, the value of property being transacted has significantly risen. The increase in DOM and a slight drop in the percentage of list price received might indicate a market where buyers are slightly resisting higher prices, yet sellers are still achieving their asking prices.

Year-over-Year Comparison

Comparing April 2024 with April 2023, we notice the following trends:

  • Homes Sold: There was no change in the number of homes sold, maintaining at 8.
  • Median Sale Price: The median sale price rose from $5.27M in April 2023 to $5.98M in April 2024, marking a 13% increase.
  • Days on Market: DOM rose dramatically from 6 days in April 2023 to 14 days in April 2024.
  • Percentage of List Price Received: The percentage of list price received remained consistent at 100%.
  • Months of Inventory: Increased slightly from 3.6 months in April 2023 to 4.0 months in April 2024.

Analysis

Year-over-year data shows a rising trend in the median sale prices, reflecting ongoing property value appreciation in Hillsborough. The increase in DOM could suggest that while homes are more expensive, they are taking longer to sell, possibly due to pricing reaching a threshold for many buyers. The stable percentage of list price received indicates a continued seller’s market, but the slight increase in inventory suggests a gradual shift towards more balance.

Price Points and Quadrants

The sales details for April 2024 by market quadrants were as follows:

  • Top Quadrant: 2 homes sold, Median Sale Price: $10,025,000, Median DOM: 44, Avg. $/Sq.Ft.: $1,447.
  • Second Quadrant: 2 homes sold, Median Sale Price: $7,272,500, Median DOM: 12, Avg. $/Sq.Ft.: $1,602.
  • Third Quadrant: 2 homes sold, Median Sale Price: $5,112,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,382.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $4,111,000, Median DOM: 26, Avg. $/Sq.Ft.: $1,569.

Analysis

The quadrant breakdown highlights significant activity in the higher-priced sectors, with the top two quadrants showing robust sales figures and commanding higher price points and per square foot rates. The longer DOM in the top quadrant could reflect the niche market for these high-value properties, which typically have a smaller buyer pool due to their premium pricing.

Conclusion

The Hillsborough market in April 2024 demonstrated a robust year-over-year increase in property values and consistent seller market dynamics, despite homes taking longer to sell compared to last year. The detailed quadrant data offers valuable insights for buyers and sellers, showing a competitive market especially in the higher-priced segments.

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