Month-over-Month Changes

In March 2024, the Atherton real estate market observed significant changes compared to February 2024:

  • Homes Sold: There were 2 homes sold, marking a substantial decrease of 67% from 6 sales the month before.
  • Median Sale Price: Experienced a dramatic increase of 152% from $5,437,500 in February 2024 to $13,702,500 in March 2024.
  • Days on Market (DOM): Rose to 37 days from 32 days in February 2024.
  • Percentage of List Price Received: Sellers received 90% of their asking price, down from 94% in February 2024.

Analysis

The month-over-month data illustrates a significant shift in the Atherton market. The decrease in homes sold, combined with a dramatic increase in median sale price, suggests that while fewer transactions are occurring, those that do are at significantly higher price points. The slight increase in DOM and decrease in the percentage of list price received indicate a market that is becoming slightly less competitive for sellers, potentially due to the higher price points.

Year-over-Year Comparison

Comparing March 2024 to March 2023, notable changes include:

  • Homes Sold: Decreased by 50%, from 4 to 2.
  • Median Sale Price: More than doubled, with a 119% increase from $6.25M in March 2023 to $13.70M in March 2024.
  • Median Days on Market (DOM): Decreased from 41 days to 37 days.
  • Percentage of List Price Received: Saw a decrease from 100% to 90%.
  • Months of Inventory: Increased from 4.6 to 5.5, indicating a 20% increase.

Analysis

Year-over-year, the Atherton market showcases a remarkable increase in property values, with the median sale price more than doubling. Despite fewer homes sold, those on the market are selling for much higher prices and slightly quicker than the previous year. The decrease in the percentage of list price received and the increase in inventory suggest a slight shift towards a more balanced market, though still heavily skewed towards high-value properties.

Price Points and Quadrant

The breakdown by quadrants for March 2024 is as follows:

  • Top Quadrant: 1 home sold, Median Sale Price: $21,055,000, Median DOM: 37, Avg. $/Sq.Ft.: $2,678.
  • Second Quadrant: 1 home sold, Median Sale Price: $6,350,000, Median DOM: 36, Avg. $/Sq.Ft.: $2,191.

Analysis

The quadrant data for March 2024 in Atherton reveals that the market activity was concentrated in the high-end segments. Both homes sold were in the top and second quadrants, with no sales recorded in the lower quadrants. This further underscores the current market dynamics favoring luxury and high-priced properties.

Conclusion

The Atherton market in March 2024 demonstrated significant month-over-month changes, with a notable decrease in volume but a sharp increase in sale prices. The year-over-year comparison further highlighted the increasing value of properties in this area. The sales distribution by quadrants confirms the strength of the high-end market, indicating a continued demand for luxury homes. The data points presented offer valuable insights for both buyers and sellers, pointing to a market that, while showing signs of balance, remains robust for high-value properties.

Data provided by MLS Listings and is deemed reliable but not guaranteed.