Month Over Month Changes

The Hillsborough real estate market has seen some significant shifts from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A decrease from 19 to 7 homes sold, marking a 63% drop.
  • Median Sale Price: A substantial increase of 30%, from $5,200,000 in June to $6,775,000 in July.
  • Days on Market (DOM): A rise to 29 from 8 in June, indicating a slower market pace.
  • Percentage of List Price Received: Sellers received 96% of their asking price in July, down from 99% in June.

These figures suggest a market that is slowing down in terms of sales but seeing a significant increase in median sale price.

Year Over Year Changes

Comparing July 2023 to July 2022, the Hillsborough market has seen the following year-over-year changes:

  • Homes Sold: 7 in July 2023 vs. 10 in July 2022, a decrease of 30%.
  • Homes Listed: 11 in July 2023 vs. 9 in July 2022, up by 22%.
  • Median Sale Price: $6.77M in July 2023 vs. $5.32M in July 2022, an increase of 27%.
  • Average Dollar per Square Foot: $1630 in July 2023 vs. $1459 in July 2022, up by 12%.
  • Median Days on Market: 29 in July 2023 vs. 7 in July 2022, an increase of 314%.
  • Months of Inventory: 3.3 in July 2023 vs. 2.2 in July 2022, an increase of 50%.

The year-over-year data shows a trend towards fewer sales, higher median sale price, but a slower market pace.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Hillsborough by quartile:

  • Top Quartile: 2 sold, Median Sale Price: $9,744,000, Median DOM: 28, Avg. $/Sq.Ft.: $1,915
  • Second Quartile: 2 sold, Median Sale Price: $7,037,500, Median DOM: 31, Avg. $/Sq.Ft.: $1,483
  • Third Quartile: 2 sold, Median Sale Price: $5,900,000, Median DOM: 57, Avg. $/Sq.Ft.: $1,489
  • Bottom Quartile: 1 sold, Median Sale Price: $3,750,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,182

This data reveals that properties across all quartiles are moving, with the third quartile experiencing the longest time on the market.

Conclusion

The Hillsborough real estate market in July 2023 has shown mixed trends, with a decrease in sales but a significant increase in median sale price month over month. The market appears to be more balanced, with properties across all price points moving, but at a slower pace.

The increase in months of inventory suggests a more competitive market for buyers, while the significant increase in median sale price year over year indicates that quality properties are still in demand. Both buyers and sellers must be aware of these trends to make informed decisions in this evolving market.

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