The Hillsborough real estate market in 2023 so far demonstrates a mixed market, similar to the second half of 2022. It is not a hot market, and neither a seller's nor a buyer's market, but we certainly have a steady pulse, and demand is still exceeding supply. We are seeing escrows and sales generated by those buyers who may be cash-heavy, and had been on the home hunt for quite some time in 2022. These buyers are managing to find their windows of opportunity amidst low inventory and mostly under-asking bidding. For 2023 YTD, as of this writing, we have seen 14 total Hillsborough closed sales reported to MLS. For the same period in 2022 we saw 18 total closings. There are 5 Hillsborough homes in escrow as of this writing: 930 W. Santa Inez, 100 New Place, 926 Baileyana, 700 Brewer, and 2225 Summit. 700 Brewer had been the talk of the town with its artificial under-pricing at $5,688,000 and auction type procedure due to a probate status and out-of-area listing agent. The land alone at this prime location could surely be in the $8M-$9M range under any market conditions. Brewer Drive is considered a Top 5 (or Top 3) Hillsborough Street for sure. When I get extra time, I plan to dedicate a blog to Hillsborough's Top 5 Streets, and the reasons for my rankings. (Hmmm...I can already hear some disgruntled homeowners...what about my street?! lol) 

March is the season of private school acceptance letters. We should see a handful of strong buyers come out of the woodworks once those acceptances come through for private elementary schools such as Carey, Nueva, and Episcopal Day. Such families who are accepted but currently living in San Francisco or the South Bay, will act with new motivation upon the Hillsborough market. Who wants to drive an hour to school or through an atmospheric river? Despite financial market tremors exemplified by Silicon Valley Bank, Hillsborough continues to harbor a pool of qualified and motivated buyers who have been grappling with inventory shortages the last 8 months. Many of these buyers need to get on with their lives, get locked into schools, and have the consolation of buying into a market that has softened from 2021 peaks. Organic buyers (those from within Hillsborough/San Mateo/Burlingame) continue to look for their shots on goal, as their preferred areas such as Lower Hillsborough remain scarce.  

As seen in the Market Snapshot tables below, price per sq. ft. and days on market are actually stable compared to 2022, but Median Price is down 15%. The Median Sales Price for the period of January 1 - March 14, 2022 was $5,490,000 compared to this year's $4,688,534 for the same period. I was privileged to close the new construction at 121 Bella Vista in January 2023 at a record-breaking price of $14,975,000 and $1,929 per sq. ft (seller representation). On the opposite spectrum of the market, I also closed off market my listing of an entry level opportunity in Mid North Hillsborough at 1205 La Cumbre for $3,610,000 attracting 2 offers. 

Thank you for your continued trust and referrals. I look forward to elevating your success in 2023. 

Geoffrey Nelson Cell/text 650-455-3735. geoffrey@geoffreynelson.com