Based on Quarterly sales since Q1 2008, the average sale price in the Emerald Hills area is down about 15% dropping an average of about 2% per quarter. The past three quarters have seen growth in the average sale price and quarterly sales volume has not been relatively affected. Average days on market has definitely risen from around 90 days to above 120 on average.
No Realtor is qualified to do most of the analysis that Realitycheck mentions (were not allowed to comment on the strength of schools believe it or not - its illegal) but they can be very important factors to consider. There are many sources to get a great idea on those questions and there very well could be more foreclosures...its happening everywhere...even Menlo Park, Woodside, and Atherton but in far fewer numbers.
A quick analysis but I hope that helps!
My advise, do your own research on the following:
- Average age of homeowners - older average means more properties will come available as couples downsize and cash-in.
- Number of foreclosures - there are many and many have lingered.
- Schools are a dicey proposition. If you want upside or at least downside protection - look at the towns with impenetrable school districts (Woodside, Menlo, Palo Alto)
- Are jobs increasing ? Net income ? When will we have some giant IPO wealth flooding the market again (ala 1990's)
- California has a serious budget deficit that will take years to resolve, the consequences could be serious for homeowners (e.g. gradual repeal of Prop 13)
Good luck in your search !
For example, a darling couple (who accumulated over 540K in equity) negotiated for a purchase of a replacement property in the perfect unit in a retirement community - and negotiated at a terrific price with a contingency to sell their home. Unfortunately, lowering their price to where the buyer was willing to buy - approx 6K price reduction, was uncomfortable. The whole transaction? poof! gone!
My recommedation to my sellers is that they put on the Buyer hat and determine if the purchase is going to enable them to maximize their investment and meets their personal goals. If the answer is yes, then the walk away dollars for the sale of their home becomes secondary. Not that the property is given away... Oh no! All reasonable offers should be considered.
With the huge bio-tech boom in South San Francisco and Silicon Valley on the rebound, countless companies are trying to lure talent from around the country for key positions. I speak from a great deal of experience when I say that many of these higher end relocation hires find Emerald Hills very attractive over other areas on the peninsula for reasons mentioned above. While prices are well into the one, two and three million dollar range, the area is more affordable than Palo Alto and Woodside, yet offers exclusivity and some of the best weather and views on the peninsula.
Price your home reasonably and you will not have any issue selling it quickly, and with a lot of interest.