Buyers are heading for the hills. Emerald Hills, that is. And, in this case, it’s a good thing. The secret is out: buyers have realized what a great place Emerald Hills is to live! As a former flatlander down in Menlo Park and Palo Alto, I made the move to the hills just over 3 years ago. Now, other buyers are doing the same. Buyers are realizing that their dollars go further in the hills, they can buy far more house, plus they can get views, easy access to nature in Edgewood Park (without getting in your car) and a great neighborhood with two lakes.
So, what’s happening in the Emerald Hills market? Given the surge in popularity, median prices have jumped from $1,080,000 in Q3 2013 to $1,400,000 in Q3 2013. That’s an increase of 30%! While the housing stock in Emerald Hills is quite varied, the median size of the homes that closed in Q3 of 2013 was over 2,100 square feet. That’s a lot more house than you can buy for a median price of $1,400,000 on most of the mid-Peninsula. Lack of inventory is driving the price increase, like many markets on the Peninsula. Inventory is down 19% from last year this time. The houses that sold in Q3 this year were on the market only 21 days (after removing one house that languished on the market for 690 days). That’s even faster than last year.
So, what do all these numbers mean for buyers and sellers? It’s a great time to be a seller in Emerald Hills. Prices are up and homes are selling quickly. If you are thinking about selling, now would be a great time, with inventory so low. If you are a buyer, you may have missed the bottom, but you will still be getting a much better value with more square footage for much less price than other communities on the Peninsula. Next up: Interested after hearing the numbers? Let me take you on a tour of Emerald Hills.