Month-over-Month Changes

In September 2023, the Hillsborough real estate market experienced some fluctuations compared to August 2023:

  • Homes Sold: 11 homes were sold, marking a 22% increase from 9 sales the previous month.
  • Median Sale Price: Decreased by 30% from $6,500,000 in August 2023 to $4,550,000 in September 2023.
  • Days on Market (DOM): Dropped to 12 days from 19 days in August 2023.
  • Percentage of List Price Received: Sellers received 101% of their asking price, up from 97% in August 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold increased, the median sale price saw a significant drop. The decrease in DOM and the increase in the percentage of list price received suggest that homes are moving quickly, but possibly at lower price points.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 8%, from 12 to 11.
  • Homes Listed: Decreased by 12%, from 17 to 15.
  • Median Sale Price: Decreased from $5.44M to $4.55M, a 16% drop.
  • Median Days on Market: Decreased from 27 to 12, a 56% drop.
  • Percentage of List Price Received: Increased from 96% to 101%.
  • Months of Inventory: Increased from 2.4 to 3.6, a 50% increase.

Analysis

Year-over-year, the market has seen a decrease in both the number of homes sold and listed, along with a significant drop in median sale prices. However, homes are selling faster, and sellers are receiving a higher percentage of their asking price. The increase in months of inventory suggests a shift towards a more balanced market.

Price Points and Quadrants

The sales details for September 2023 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 that all quadrants are active, but the top and third quadrants are seeing the most activity based on average price per square foot. This suggests that both higher-priced and mid-range homes are moving quickly, indicating a diverse market for sellers in these price ranges.

Conclusion

The Hillsborough market in September 2023 showed an increase in homes sold compared to the previous month but a decrease in homes listed year-over-year. The drop in median sale price year-over-year and the decrease in DOM indicate a market in transition. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced and mid-range homes are particularly competitive.

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