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2014 Hillsborough 2nd Quarter Review

Click the link below to watch a short video of Dan Gilmartin, Executive Vice President of The Gilmartin Group, discussing the market for Hillsborough’s 2nd Quarter in detail.

There are currently 46 homes for sale in all of Hillsborough. When looking at the data for this year’s 2nd quarter compared to last year’s 2nd quarter we have some great news! Last year at this time there were 38 closings, while this year there have been 47 closings. The average days on market (DOM) for last year was 71 vs. this year’s average of 57 days. The list to sales price ratio rose from 97% last quarter to 99% this quarter which means that homes are selling faster and for more money!

Typically the less square footage of the home, the higher price per sq. ft. we see. The average sq. ft. per home sold this year in the 2nd quarter was 4,114 compared to 3,743 from last year. Last year the average price per sq. ft. was $820, while this year we are up to $923, an 11.5% increase and huge news! We are selling a larger home for even more money! As you may have seen before, I like to break these averages down even further by separating Upper and Lower Hillsborough. In Upper Hillsborough last year the average price per sq. ft.was $754 compared to this year $884, a rise of 11.7%. We see the same exciting news in Lower Hillsborough with last year’s average of $830 per sq. ft. while this year we are averaging $943 per sq. ft., another rise of 11.5%.

So where do we go from here? Well as prices rise, the sellers supply which means more homes on the market resulting in more competition and less money.If you are thinking of selling, now is a great time before the inventory explodes! I’d love to come out and talk with you about your home, discuss it’s value, how to get your home prepared to go on the market, and of course the marketing strategies we use here at The Gilmartin Group. If you have any questions about this report or the market in general, give Dan a call anytime at 650-348-2020. Visit our website for up to date MLS area specific information and to view the listings we have available:

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