The trends of 2013 have continued in 2014. Like 2013, Home sales in 2014 were very strong with sales and prices up and Q4 ending with very low inventory. The median home price for Emerald Hills increased year over year from $1,370,000 to $1,475,000. There continued to be a decline in inventory of 13% from Q4 of 2013. A few stand out sales in Q4 2014, which showcase how varied the inventory tends to be, include a home that was listed at $599,000 that sold for $870,000. The street was clogged with traffic for the open houses with people eager to get into Emerald Hills at such a low price. The large homes on Colton Court tend to take quite a long time to sell, but in Q4 11 Colton Court sold in just 11 days at its full list price of $2,895,000.
I took a longer outlook to see how the Emerald Hills market has performed over the last 10 years. Emerald Hills like most of the Bay Area had enjoyed a run from 2004 until 2008. The housing crisis and recession started a slide that began in 2008 and lasted until 2010. A somewhat bouncy recovery started in 2010 and has continued on until 2013 when all the losses of the recession where recovered and median prices surpassed those of 2008. Emerald Hills has moved past those highs and have set new ones for median home prices in 2014. Our housing market runs have tended to go for three to five years and we are now headed into year five of a run. What is different this time is the strong local economy with Google, Box and many other companies committing to large campuses in Redwood City. However, if history repeats itself and you’ve been waiting to sell, this might be the time to do it before we have a correction.