Hillsborough Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Hillsborough (Recent Sales here)

Hillsborough home values have cooled somewhat this past year, in spite of extremely limited inventory. Though the overall trend in the Bay Area is that values have continued to rise, we are starting to see a softening in the higher priced markets including Hillsborough, Burlingame and Los Altos Hills.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

Here are the numbers for March 2018. If you are curious about your Hillsborough home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $4,800,000 91.8%
Overbids (%) 100.00% -0.1%
New Listings (#) 15 7.32%
Homes Sold (#) 13 0.00%
Months of Inventory 1.8 91.91%
Median Days on Market (DOM) 13 -24.59%
Average Days on Market (DOM) 16 -11.25%

Median Sales Price – Hillsborough SFR

 

Ratio of List Price to Sold Price (Overbids) -Hillsborough SFR

 

Number of New Listings vs Sold Listings, Hillsborough SFR

 

Months of Inventory – Hillsborough SFR

 

Median and Average Days on Market (DOM) – Hillsborough SFR

 

Hillsborough Single Family Home Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
1270 Armsby Drive 4/16/18 1,357.23 $4,316,000 0.987 13 4 4|2 3,180 28,750 Lot SqFt
1430 Avondale Road 3/13/18 934.58 $3,000,000 1.007 38 5 3|1 3,210 21,120 Lot SqFt
615 Brewer Drive 1/3/18 1,864.86 $13,800,000 1 0 9 7|1 7,400 40,548 Lot SqFt
1245 Cardigan Road 3/9/18 1,403.94 $5,700,000 0.986 13 5 5|1 4,060 2.45 Acres
723 Chiltern Road 3/13/18 1,346.68 $5,885,000 1 13 5 4|1 4,370 21,645 Lot SqFt
35 Cinnamon Court 4/10/18 660.5 $5,000,000 0.864 162 8 6|0 7,570 41,000 Lot SqFt
38 Cinnamon Court 3/9/18 1,501.89 $11,500,000 0.92 44 5 6|1 7,657 42,400 Lot SqFt
615 Devon Drive 3/19/18 1,657.46 $7,500,000 1.071 1 5 5|1 4,525 19,030 Lot SqFt
2130 Forest View Avenue 3/3/18 1,255.46 $4,600,000 0.921 0 4 4|1 3,664 25,265 Lot SqFt
565 Hayne Road 3/23/18 1,157.67 $4,075,000 1.046 10 5 3|1 3,520 14,375 Lot SqFt
10 Horseshoe Court 3/9/18 1,244.17 $4,800,000 0.99 11 5 4|1 3,858 21,952 Lot SqFt
1218 Kenilworth Road 2/8/18 956.52 $3,300,000 0.895 41 5 4|1 3,450 19,200 Lot SqFt
30 Knightwood Lane 3/6/18 1,482.63 $4,525,000 1.006 12 4 3|0 3,052 22,168 Lot SqFt
960 La Senda Road 2/6/18 980.39 $3,000,000 1.036 24 3 3|0 3,060 1.09 Acres
1635 Marlborough Road 4/2/18 1,394.42 $3,500,000 1.007 0 4 3|0 2,510 20,909 Lot SqFt
17 Mountain Wood Court 3/27/18 1,111.68 $5,425,000 1.085 13 5 5|1 4,880 33,280 Lot SqFt
171 New Place Road 3/13/18 1,528.82 $12,995,000 1 19 5 6|1 8,500 1.62 Acres
2125 Ralston Avenue 4/12/18 1,481.52 $13,750,000 0.948 0 6 6|2 9,281 1.06 Acres
216 W Santa Inez Avenue 2/2/18 1,052.24 $5,229,625 0.951 0 5 4|2 4,970 25,200 Lot SqFt
50 Stonepine Road 3/7/18 1,004.18 $4,800,000 0.961 17 4 4|1 4,780 21,750 Lot SqFt
65 Tobin Clark Drive 4/10/18 1,269.84 $4,000,000 1.144 4 4 3|1 3,150 30,550 Lot SqFt
30 Via Delizia 3/5/18 1,473.03 $3,550,000 1 11 3 3|0 2,410 34,848 Lot SqFt
1505 Wedgewood Drive 4/17/18 1,314.55 $2,800,000 0.852 13 3 2|1 2,130 22,216 Lot SqFt
6 Wickham Place 4/2/18 1,475.54 $4,825,000 1.036 0 4 3|1 3,270 21,240 Lot SqFt
1900 Willow Road 2/16/18 1,612.24 $7,900,000 0.994 155 5 5|2 4,900 22,651 Lot SqFt