Dream Big, Sprint Fast, Don't Look Back... The Hillsborough 2021 Real Estate Market was a tale of bold achievements, ultra-competitive grit, and emphasis on luxury. 2021 could in fact be its own movie script glamorously charting new ground with the #2 Hillsborough sale of All-Time (Elon Musk's estate for $30,000,000), an All-Time high of 16 sales closed in MLS over $10,000,000, and 44% of all Hillsborough sales closing for over their asking price. Volume was up considerably over 2020 and posted the highest amount of sales in recent memory at 172 closed transactions reported to MLS. Although 2020 was put on pause between March and May, it still represented a very strong year with the surge of demand beginning around June and not letting up. But 2021 propelled forward even further. Price per sq. ft. for 2021 finished at an impressive $1,332 average per sq. ft. for the Town, eclipsing 2020's $1,213 by a good 119 dollars per foot.
Three sample segments of the market over-achieved with unprecedented strength, including the Eight-Figure $10M+ range, the Mid Range from $6M-$8M, and Entry Level from $3.0M-$5.0M. Sixteen sales over $10M were posted to MLS, compared to just 5 sales at $10.0 and above in 2020. Of the 40 Hillsborough sales closed between $6M and $8M, 15 sales closed over asking price. The average sold price per sq. ft. for the $6M-8M bracket was $1,419 per sq. ft. Of the 74 sales closed between $3.0 and $5.0, 42 sales, or 57% closed over their asking price.
I was fortunate to re-define all three market segments in 2021 with my representation. For the $10M+ bracket, I closed Two of the Top Ten, including 1802 Floribunda at $13,100,000 and 30 Marialinda Court at $11,425,000. My listing at 1802 Floribunda was the only sale in the Top Ten to close over its asking price. These two sales also represented 2 of the Top 3 sales in Lower North Hillsborough. For the Mid Range, I represented a variety of styles with big results including the one-week over asking performance at 480 Pullman closing at $7,400,000. My entry level representation saw a huge overbid for my listing at 1207 Marlborough, listing at $3,850,000 and closing at $4,810,000. This will be an influential comp for the area I call "Lower Lakeview." Overall, the Median Sales Price for Hillsborough increased to $5,250,000 from 2020's $4,600,000.
"Dream Big" reflects the large number of "organic buyers" defined as those originating from Hillsborough, Burlingame, or San Mateo, who aspired to more size, more land, or more amenities. "Sprint Fast" reflects the competitive nature of the 2021 market with the insights and connections of the real estate agent becoming a hugely influential factor on a fast-moving market. The Art of the Hustle indeed. "Don't Look Back" reflects the all-in and decisive nature of the buyer pool stepping up to grab the prize--whether those graduating up to the $10M+ bracket, or those competing to get into Hillsborough's Entry Level or Mid Range--these buyers all entered the arena and didn't look back.
As I've predicted in previous articles, the 2022 market is poised to reach a $1500 per sq. ft. average for the first time ever, and also has the potential to post 20 sales over $10M+ for the first time. A promising era on the near horizon. Embarking on my 21st year in Hillsborough Real Estate, I am standing by ready to elevate your success in 2022.
Warm Regards for the New Year,