For Emerald Hills, the third quarter of 2015 was the highpoint of the market in the last 5 years for median sales price. The third quarter of 2016 had a median sales price drop of 20%, however price per square foot was up 10.8%. The difference is in the size of houses that sold in the quarters. In Q3 of 2015, large homes dominated the number of closed sales with 12 over $2m and 2 at or over $3m. In Q3 of 2016, there were only a total of 10 closed sales and none were over $2m. There are only three homes still for sale in Q3 2016 over $2m. With only 10 homes closing escrow July 1st through September 30th, 2016 the median price was $1,592,500 million, which was down 20% from Q3 2015. But these were smaller homes than sold the prior year so the increase in the price per square foot shows that this is still a strong market for sellers.
The Days on the Market (DOM) stretched from 46 DOM last year to 63 DOM in this quarter. Inventory was up slightly from last year with 23 homes on the market last year and 25 this year. Activity on properties has been varied. Houses are going pending with some contingencies, some have fallen out of contract and homes are taking just a little longer to sell. Despite that, pending sales are up 60% over last year and new listings are down 25%, so the inventory is clearing out. At the end of Q3 2016 there were only 10 homes remaining for sale. It’s possible that sellers are waiting until after the election to list their homes. A large number of the homes still listed have been on the market for quite some time due to the fact that the lots and homes are quite vertical and do not have useable yards. Newer inventory that is in good condition with a more useable yard has been selling faster. There may be some pre-election bargains available for buyers but the choices are pretty slim.