2015 Hillsborough Review & Taxes

    Dan Gilmartin reviews the Hillsborough real estate numbers for 2015. Tim Gilmartin then discusses a tax scenario that may be preventing you from selling your home.

    Transcript – Hi. This is Dan Gilmartin with the Gilmartin Real Estate Company here in Burlingame California with your 2015 Hillsborough Review. So, we’ve got a lot of information on the board here and you may have received our mailer that goes into the certain indicators that we follow on a daily basis. We’re always following how many closed transactions, list price to sales price ratio, average size of the home, average price per square foot, average sales price. Last year, in 2014 there was a total 150 sales. In 2015 there was 122. We sold less homes in 2015 but a lot of good news coming.

    The average list price to sales price ratio in 2014 was 94%. They got 94% of the list price. And in 2015, 99% of the list price was achieved through the sale. Days on market, a very important number to watch how the tempo is of the market. In 2014 the average days on market was 70. That’s a high number. And in 2015 we had 54. So that was down 29% from 2014. That is a positive number. Meaning it’s much more of a sellers market. The pace of the market certainly speed up. In 2014 the average size home was 4,643 where as in 2015, a smaller home, 4,447 square feet. Now this number here is all of Hillsborough. The average price per square foot of all of Hillsborough in 2014 was $810 and in 2015 was $996. So up 23% from 2014. That’s fantastic! Average sales price in 2014 was $3,762,000 and in 2015 it was $4,428,314. Up 17.7% from 2014.

    Now what I like to do is – we can slice and dice Hillsborough in many ways as you know. We have North Hillsborough we have South Hillsborough, Lower Hillsborough, Upper Hillsborough. I like to do it for this review, Upper Hillsborough and Lower Hillsborough. So for Upper Hillsborough the average home that sold was 4,265 square feet in 2014. In 2015 4,181. So just a slightly smaller home sold in 2015. The average price per square foot $841 for Upper Hillsborough where as in 2015 $928. Huge jump there. Also the average sales price for Upper Hillsborough for 2014 was $3,395,644 and in 2015, a big jump, $3,789,286.

    Now, Lower Hillsborough. Average size that sold in 2014 in Lower Hillsborough was 5,164 and in 2015 was 4,465. Again a smaller home, we actually – there was one particular sale in Hillsborough in 2014 that probably skewed that number. It was a very large home. You all may recall what home that was. The average price per square foot was $931 and 87 cents in Lower Hillsborough in 2014. In 2015 that number jumps $1,062. Huge. Average price, sales price in 2014 $4,296,288. 2015 huge jump $4,903,020. That’s a massive jump.

    Some other very interesting information we have in the mailer is a month by month days on market view, average, not average, the actual inventory month by month, average sales price to list price ratio. It kind of helps you think about when is the best time to sell you home when you look at the whole year. It is very interesting. In January of 2015 there were only 4 homes for sale in all of Hillsborough. And if you look at our graph here we have one of the highest sales price to list price ratio was in January. Now if you look in – July was the high water mark for inventory in Hillsborough. We had 21 homes sale in July and that was very close to the lowest sales price list price ratio. Then back up through the end of the year we have October inventory dropped to 9 homes on the market, 9 new homes came on the market in October and we jumped up to one of the highest sales price to list price ratio.

    So where do we go from here in terms are you thinking of selling your home. You know you might have a lot of questions. One of the main questions people are asking is the taxes. You know a lot of us have made a lot of money on our homes. Are the taxes that your going to have to pay when you sell your home stopping from thinking – or stopping you from selling your home? We are going to invite Tim Gilmartin in right now to go over that.

     

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