If you have been waiting to sell then you have missed the top of the market in this past cycle. The declines in the stock market in the first two weeks of 2016 definitely took some steam out of the housing market. In Q1 2016, we had 17 sales close. As usual not apples to apples, with 655 Glenloch Way at the highest price reselling less than a year after it was built for even a little more money at $3,555,000. The lowest price house was one of the original summer cottages with just 860 square feet and in largely original condition at 631 Park Road for $950,000. Days on the market has lengthened for many homes and prices have dropped from last years highs – especially for those more vertical homes without much yards. What is selling quickly and at top dollar is new or almost new construction as well as the bigger, useable lots with the smaller houses. Also the homes down in the “flat” part of Emerald Hills are also selling at a premium closer to the price of houses in Redwood City on the other side of the Alameda.
The median sales price for Emerald Hills declined 10% from $1,785,000 in Q1 2015 to $1,600,000 in Q1 2016. However, in that same period there continued to be very low inventory with a increase of just one additional house for sale. New listings at March 31st are down 15% from 33 home for sale last March as compared to 28 this March. Days on the Market increased 118% to 72 days but that did include one large house on Sylvan that took 129 days to sell. However, quite a number of houses are taking between 40 and 90 days to sell. So be prepared that it may not be enough to have 2 weekends of open houses and then take offers. Prices are still very strong and so there is still a lot of upside for sellers but you should be ready for a possibly longer sales cycle. If you are ready to sell your home, then bring your patience and make sure you are being clear with your realtor about your motivations for selling as a good realtor will factor that into the pricing strategy discussion.