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14November 2016

Hillsborough 2016 Market Roundup

Geoffrey C. Nelson
LowerNorthGolfCourseEstate

Approaching Thanksgiving 2016 Hillsborough market trends demonstrate overall transaction volume down, key indicators of price per sq. ft. and Days on Market stronger, and high-end indicators of off-market activity and eight-figure sales with a healthy showing.

We will finish 2016 with about 10-15 fewer sales than 2015. Last year's total Hillsborough sales reported to MLS was 122. Right now for November 2016 we are hovering at 99 sales. The drop can be partly attributed to tight inventory making sellers less agile in finding their next home, or longtime Hillsborough homeowners viewing move-down markets such as Burlingame as too limited in supply or inflated on price. Hillsborough Days on Market, reflecting how quickly homes are selling, is even stronger for 2016, improving from 2015's 53 days to the current average of 42 days on market. Average price per sq. ft. is also up from last year's $1,004 per sq. ft. (which represented the first time in Hillsborough history the average PPSF eclipsed $1,000) to this year's solid showing of $1,069 per sq. ft.

Of the 44 Hillsborough MLS homes sold in 2016 at the popular price point of $3,300,000 - $5,300,000, 34% of the sales closed over asking price, many by hundreds of thousands of dollars.

The high-end exuded continued confidence with 2016 Q4 alone posting 5 sales at $10,000,000 and above, including a Lower North off-market estate currently in escrow around $14,000,000 that will top $1700 per sq. ft.  In 2015, there were NO eight-figure closed sales reported to MLS  (July 2015 did record a $13,500,000 off-market sale on Culebra Road). Historically, the prevalence of off-market dealings in the high-end can be attributed to its preferable discretion, convenience, and exclusivity of buyer pool. For 2017, look for Hillsborough to see an all-time high volume of eight-figure sales, now with a comfortable foundation of comps and more sellers likely to test the waters.


GEOFFREY C. NELSON
Senior Partner, Luxury Real Estate Group
Agent No. 01313666
1290 Howard Ave, Suite 201 , Burlingame , CA 94010
Email: geoffrey@geoffreynelson.com
Phone: (650) 455-3735
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