Hillsborough, Burlingame Luxury Homes Real Estate

We’ve heard good news in the lending arena today and that means the purse strings are finally opening up with lenders.  If you are thinking about buying in Hillsborough, this is a Great Time to do so.  Prices are trending downward and homes are remaining on the market longer with about 1/3 of them receiving price reductions and the others likely to soften on price should a solid offer show up.  Last week there were 45 homes on the market in Hillsborough with the least expensive priced at $1,895,000 and the most expensive home at $18,000,000. 5 properties were absorbed (they either sold, or were removed from the market for other reasons). And yes, there is a huge difference in price and quality of home priced at the top of the price point, but getting into Hillsborough for under $2 million dollars is tough, so here’s you chance!

How many days are they on the Market?

On of the key indicators of a real estate market is Day on Market and the average number of days housing has sat in Hillsborough is currently at 120.  It’s not quite as high as it was back in January but it’s been climbing and will likely continue to climb as the close of the year looms upon us.  What does this mean for you?  It could mean bargains, if you’re a bargain hunter.  In this kind of market many seller’s need to sell their homes in order to move on to new opportunities.  If they have a big equity it could mean all kinds of interesting options for you. 

Price Per Square Foot

In some parts of the country value is looked at by price per square foot.  In our neck of the woods that isn’t usually the case because the land the house is sitting on is often worth more than the house itself.  I don’t usually show this chart but I found it fascinating to see how dramatically the Price per square Foot has dropped over the past couple of months.  This is tied into the Market Action Index for Hillsborough, which is clearly showing a  Buyer’s Market.  There are bargains out there if you’re qualified.

Houses We’ve Got Houses, We’ve Got Lots and Lots of Houses….

Hillsborough has 45 houses for sale today. That’s a good selection of properties to choose from but the number has fallen in recent weeks. Some of that decline is due to normal ebbs and flows of the real estate market and with school starting, but not all of it.  The upper tier of homes isn’t as affected with the school calendar as the lower tier is.

Median Price

The median price for Hillsborough homes has gone down over the past few weeks.  The median price can fluctuate dramatically with just one sale of a high end home, since there aren’t that many homes for sale in Hillsborough, but it does give you an indication of the market today.  What do you get for the median price of $3,480,000?  The median sized house is about 4700 square feet sitting on a lot between a half acre and full acre.  This house is likely to be 5 bedrooms and 4 baths, with a median age of 51 years.  Oh yes, you also get the best schools in San Mateo County, an easy commute to either San Francisco or Silicon Valley, and it’s a hop skip and a jump to SFO for travel.

Market Action Index

Altos Research, the company whose data we subscribe to, says Hillsborough if firmly a Cold! Buyer’s Market sitting at 18.  The red line divides the Seller’s Market, last seen around February of 2007, into the Buyer’s Market.  This chart illustrates the balance between supply and demand, sale versus inventory.  Real estate and the Market Action Index shows a clear picture of basic market economics and demand.  Prices have been falling for some time and bargains await you. 

Want more information like this?  Just ask.  Better yet, sign up for your own weekly charts on the right.  Think I’m mentioning bargains in Hillsborough a lot today?  Well you’re right, and there are many of them.  Lender’s are finally offering jumbo loans and I know of several great programs out there right now.  If you’re financially sound, gainfully employed, and ready to move up, Hillsborough, California awaits you.