Hillsborough, Burlingame Luxury Homes Real Estate

Listen Up Bargain Hunters!  Now is the time if you want to buy in Hillsborough, California.  Prices are down, number of days on the market is way up and there are 52 homes to select from.  What more could you ask for?  Hillsborough, with the finest public school system in San Mateo County, offers exclusion, privacy and large properties.  All of this, of course, comes with a price tag.  Last week the median price for a home in Hillsborough was $3,645,500.  The least expensive home on the market was $1,895,000 and the most expensive is going for, drum roll please, $18,000,000. 

So, what do you get for all of that money?  A minimum half acre of land, likely with many trees and privacy. The median sized house has 4,733 square feet and comes with 5 bedrooms and 4 baths.  It’s likely about 50 years old, redone to today’s standards with a first class kitchen, fabulous bathrooms and lovely gardens.

Median Price

As you can see from this chart courtesy of Altos Research, the Median Price had taken a dive lately.  Last week we saw 5 house removed from the market, meaning they either sold or were withdrawn, expired, or canceled.

Inventory of Houses For Sale

The inventory of homes has been climbing for a while.  This, along with the weakening of the market on the Peninsula is no surprise, and shows that even the high end of the market has been affected by the mortgage crisis.  Homes for sale in the uber price range suffer little consequence when a market softens because the uber rich often buy and sell for cash.  The lower end of the Hillsborough market is where we’re seeing softening.

Market Action Index

Altos Research uses a methodology measuring homes on the market over the past 90 days.  They call Hillsborough a Cold Buyer’s Market because it stands at the number 18.  If you’re a reader of this you know that 30 divides a Buyer’s Market from a Seller’s Market.  The closer you are to that orange live of 30 the closer you are to a Seller’s Market.  Hillsborough is pretty far south.

The San Mateo County Board of Realtors (SAMCAR) justed released their number for Q2 of 2008 and did a year to date comparison.  Hillsborough has seen a positive change form Q2 of 2007 to 2008 of 11% because of an increase in median price.  Therefore, prices are up in Hillsborough because the more expensive homes are selling to people less affected by the mortgage crisis.

Go figure.

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