Q4 2015 Market Update – Emerald Hills

The trends have continued in 2015 just like 2014 with sales and prices up significantly and Q4 ending with very low inventory. As I said at the end of last year, our housing markets tend to go for three to five year runs and 2015 was year five in that cycle and it did not disappoint. The median home price for Emerald Hills increased year over year from $1,475,000 to $1,740,000 – an 18% increase. There continued to be very low inventory with a decline of 9.5% from 2014.  100 homes sold in Emerald Hills in 2015 with the highest priced home selling for $4,350,000 (which was over $1million over the list price) and the lowest priced was a tiny 780 square foot home for $800,000. At December 31, 2015 there was only 1 home for sale. Declines in the stock market in the first two weeks of 2016 may finally put the brakes on our sky rocketing housing market or at least cool it off a little. Prices are still incredibly strong but it remains to be seen if the upward cycle will continue especially at the pace of the last five years. There is still lots of upside for sellers so it might be time to get off the fence and list your house if you have been considering selling.

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