Month-over-Month Changes

In September 2023, the Hillsborough real estate market experienced several notable changes compared to August 2023:

  • Homes Sold: There was a 22% increase in homes sold, with 11 homes sold in September compared to 9 in August.
  • Median Sale Price: The median sale price saw a significant decrease of 30%, dropping from $6,500,000 in August to $4,550,000 in September.
  • Days on Market (DOM): The DOM decreased to 12 days in September, down from 19 days in August.
  • Percentage of List Price Received: Sellers received an average of 101% of their asking price in September, an increase from 97% in August.

Analysis: 

The Hillsborough market in September showed an increase in sales volume and a faster sales cycle compared to August. The decrease in median sale price and the increase in the percentage of list price received suggest a market adjustment, possibly making it more attractive to buyers.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 8% (from 12 homes sold in September 2022 to 11 in September 2023).
  • Median Sale Price: Decreased by 16% (from $5.44M in September 2022 to $4.55M in September 2023).
  • Days on Market: Decreased from 27 days in September 2022 to 12 days in September 2023.
  • Percentage of List Price Received: Increased from 96% in September 2022 to 101% in September 2023.
  • Months of Inventory: Increased from 2.4 in September 2022 to 3.6 in September 2023.
  • Average Dollar per Sq. Ft.: Increased by 5% (from $1370 in September 2022 to $1444 in September 2023).

Analysis: 

Year-over-year data indicates a decrease in the number of homes sold and a significant drop in median sale prices. However, the increase in the percentage of list price received and the decrease in DOM suggest a competitive market for sellers, with properties selling faster and closer to their asking prices.

Price Points and Quadrants

The sales details for September 2023 in Hillsborough were broken down by quadrants:

  • Top Quadrant: 3 homes sold, Median Sale Price: $5,850,000, Median DOM: 24, Avg. $/Sq.Ft.: $1,490.
  • Second Quadrant: 3 homes sold, Median Sale Price: $4,580,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,463.
  • Third Quadrant: 3 homes sold, Median Sale Price: $3,900,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,556.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $3,200,000, Median DOM: 54, Avg. $/Sq.Ft.: $1,032.

Analysis:

The data shows activity across all price quadrants, with the top and third quadrants showing the most robust activity. The higher-priced homes are moving with a relatively higher average dollar per square foot, indicating a strong market for sellers in these price ranges.

Conclusion

The Hillsborough market in September 2023 displayed a mix of trends with an increase in sales volume and a decrease in median sale prices compared to the previous year. The market remains competitive for sellers, with properties selling faster and for a higher percentage of the asking price. The quadrant data provides valuable insights, indicating a diverse market with opportunities across various price ranges.

Data provided by MLSListings and is deemed reliable but not guaranteed.