Hillsborough is a beautiful town in the San Francisco Bay Area and is near the City of Burlingame. It is one of the most affluent neighborhoods in the country which has a landscape notably occupied by large homes.
It is relatively a small real estate market with an estimated 100 to 150 home sales every year and the movement remains relatively the same month-to-month.
The extensive movement on the market continues toward becoming more of a seller's market as conveyed by the data gathered in September 2011. The market sales increased but the number of listings and inventory decreased. Sales increased by 18% from the same month last year and by 82% from the same month in 2009, which is considered an overwhelming upscale. In September, there were nine sales reported. There were 118 homes sold within the first nine months of the year.
The sales, although higher, may have built up more with the help of inventory on the market. The number of homes on the market went down from 91 homes in 2010 to 57 homes in September of 2011. Homes for sale that are fewer by more than thirty in a year implies that there is less competition among sellers and less options for the buyers. The average days on market of a typical home were at 58 days in 2011 as compared to 69 days in 2010. Homes that are on the market are continually selling faster than they did last year.
The whole market is so limited and the range of home types and values is wide; therefore, making it hard to ascertain a trend in prices. Range of price points in Hillsborough is from $1.5 million to well over $10 million. This range affects the frequent fluctuations in the price levels. Example, the highest monthly median price in 2011 was $2.95 million and the lowest monthly median price was $1.95 million. It will appear that prices are holding steady when we average things out over a longer period.
In 2011, the average price per square foot was about $705, which is a little higher than in 2010; but still within the normal fluctuation trend. Though there are continued targeted price drops, the market continues to remain strong. With this in mind, sellers do not perceive the need to dramatically drop or lessen their prices to tempt buyers because of the existing demand. In 2011, sale price divided by list price has averaged to almost 96% - this indicates that 96% of sellers' asking price was accepted. The normal rate differs per area. For the past few years in Hillsborough, the rate has been averaging nearly below 95%.
Raziel Ungar is a top-performing Real Estate Agent given numerous awards and distinctions for his outstanding success in the real estate industry. He has been recognized by the International President's Circle, placing him in the top 1% of Coldwell Banker Agents nationwide for 2010 and in the top 1% of San Mateo County Realtors. To search for Burlingame, Hillsborough, and San Mateo area real estate, visit http://www.BurlingameProperties.com. You'll find extensive helpful community, neighborhood, and school information! Plus, our well known blog has plenty of current information on the market and what's happening around town!
Article Source:http://EzineArticles.com/?expert
No comments:
Post a Comment