Dan Gilmartin, Executive Vice President of The Gilmartin Group, discussing the market for Hillsborough’s 3rd Quarter in detail. 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: http://www.thegilmartins.com
2014 Hilsbrough Third Quarter Review Video
Last year in the third quarter we closed 49 transactions, this year we closed 38. Last year in the third quarter the list price to sells price ratio was 93%, a good number. This year in the third quarter that number came down to 85%. Last year in the third quarter the days on market, a very interesting number, 84 days, this year 71 days. That tells me a lot. That tells me that a lot of properties came on the market at a good price. Which caused the days on market to come down to 71. But obviously, there were some homes that overpriced themselves which caused the list price to sell price ratio to come down. Pricing, when we talk, is very, very important.
In all of Hillsborough the average square foot home that sold in the third quarter this year was 5200 sq. ft. where last year was 4700 sq. ft. So, we are selling a larger home. And the price per square foot for all of Hillsborough, this year $860 last year $857. Roughly the same number but what is interesting is we are selling a larger home. As we know the larger the home, typically, the less price per square foot you get. Here we’re selling a larger home and still getting a good price per square foot.
As you also know, I like to divide Hillsborough in to upper and lower Hillsborough. Upper Hillsborough in the third quarter we sold a 4200 sq. ft. home, last year a 3700 sq. ft. home. Again a larger home. Interesting number here again, last year $826 price per square foot, this year, basically the same number $828 a square foot. Again, the good news is we are selling a larger home at an average sales price in upper Hillsborough $3,468,104.
Lower Hillsborough, the average square foot was 6800 sq. ft. last year 5500 sq. ft. Price per square foot, here some great news, we jumped up to $927 price per square foot versus last years $884. Here’s not the greatest news for lower Hillsborough, this year we sold an average of $3,704,955, last year $4,721,000. We had a few anomalies that I know if we looked at the data together we can point out why that happened.
Where do we go from here? Well the market, inventory is starting to shrink. We’re coming in to the holidays. So if you are thinking of selling your home now could be a good time because as inventory comes off, less competition and I know when we stage homes for the holidays, homes look fantastic. In one sense it is like being the only girl at the dance.
Another thing that we talked about last time is if you are interested in your home is worth you can always to www.AboutHillsborough.com put in your address and our system will give you what it feels your home is worth. And of course, if you have any questions regarding that number please give me a call. Naturally, I would love to discuss any real estate with you.