Month-over-Month Changes

In August 2023, Hillsborough’s real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 9 homes were sold, marking a 29% increase from the 7 sales in July 2023.
  • Median Sale Price: There was a 4% decrease, from $6,775,000 in July to $6,500,000 in August.
  • Days on Market (DOM): The DOM dropped to 19 from 29 in July, indicating faster sales.
  • Percentage of List Price Received: Sellers received 97% of their asking price, a slight increase from 96% in July.

This data suggests a market that is becoming more active in terms of sales, but with a slight dip in median sale prices. The faster sales could indicate a more competitive environment for buyers.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 40%, from 15 to 9.
  • Homes Listed: Decreased by 32%, from 19 to 13.
  • Median Sale Price: Increased by 8%, from $6.00M to $6.50M.
  • Days on Market: Increased to 19 from 5.
  • Average Dollar per Square Foot: Decreased by 22%, from $1,649 to $1,289.
  • Percentage of List Price Received: Decreased by 5%, from 102% to 97%.
  • Months of Inventory: Increased by 13%, from 2.3 to 2.6.

The year-over-year data indicates a market with fewer sales and listings but higher median sale prices. The increase in DOM and decrease in the percentage of list price received could signify a slight shift towards a buyer’s market.

Price Points and Quadrants

The August 2023 sales details were broken down by quadrants:

  • Top Quadrant: 3 homes sold, Median Sale Price: $7,260,000, Median DOM: 45, Avg. $/Sq.Ft.: $1,257.
  • Second Quadrant: 2 homes sold, Median Sale Price: $6,590,000, Median DOM: 15, Avg. $/Sq.Ft.: $1,113.
  • Third Quadrant: 2 homes sold, Median Sale Price: $4,950,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,250.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $3,747,500, Median DOM: 32, Avg. $/Sq.Ft.: $1,395.

The top and second quadrants are the most active, indicating that higher-priced homes are moving more quickly in the market.

Conclusion

The Hillsborough market in August 2023 showed an increase in homes sold compared to the previous month but a decrease in median sale price. The year-over-year data indicates fewer sales and listings but higher median sale prices. The breakdown by quadrants offers valuable insights, particularly for those looking at higher-priced properties.

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