The fourth quarter closed out a strong year in Emerald Hills homes sales. The wide variety of inventory makes apples-to-apples comparisons difficult from quarter to quarter. For example, the highest priced home sale in Q4 2013 was $3,150,000 for a brand new 4,000 square foot home. The lowest was $550,000 for a tiny 840 square foot home, which was a short sale.
Nonetheless, we can discern a few important trends year-over-year. The median home price for Emerald Hills spiked up to an usual high in Q4 2012 to $1,600,000. In Q4 2013, the median price was $1,370,000, which was lower than in the prior year but steady with the sales in Q3 of 2013. The average days on the market also ticked up a bit higher from 28 days in Q4 of 2012 to 37 days in Q4 of 2013 with a number of homes that had been on the market for well over 100 days closing.
The more interesting story was the sharp decline in inventory, which was down 40% from Q4 in 2012. If this trend continues, it will put upward pressure on prices and buyers will take a renewed interest in some of the listings that haven’t sold yet. A number of buyers are moving from the higher priced areas to Emerald Hills where they see they can get a much better value that other places on the Peninsula. Prices are strong, buyer interest is strong. So, sellers, what are you waiting for?