Month-over-Month Changes

In January 2024, the Atherton real estate market experienced significant changes compared to December 2023:

  • Homes Sold: There were 2 homes sold, marking a 67% decrease from 6 sales in December 2023.
  • Median Sale Price: Saw a substantial increase of 59% from $9,265,000 in December 2023 to $14,750,000 in January 2024.
  • Days on Market (DOM): Increased significantly to 121 days from 35 days in December 2023.
  • Percentage of List Price Received: Sellers received 94% of their asking price, a slight increase from the previous month.

Analysis

The month-over-month data indicates a cooling in the volume of sales but a sharp increase in the median sale price, suggesting that while fewer homes were sold, those that did commanded a premium. The increase in DOM indicates homes are taking longer to sell, which could suggest a shift towards a buyer’s market, albeit in a high-value segment.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Remained stable with 2 homes sold in both periods.
  • Median Sale Price: Decreased significantly from $19.38M in January 2023 to $14.75M in January 2024.
  • Days on Market: Increased from 33 days in January 2023 to 121 days in January 2024.
  • Percentage of List Price Received: Saw a slight improvement from 92% in January 2023 to 94% in January 2024.
  • Months of Inventory: Decreased from 6.3 months in January 2023 to 2.6 months in January 2024, indicating a tighter market.

Analysis

Year-over-year, the market shows a decrease in median sale prices and an increase in the time it takes to sell a home. However, the slight increase in the percentage of list price received and a significant decrease in months of inventory suggest a market that, while slowing, still benefits sellers due to limited inventory.

Price Points and Quadrants

January 2024 sales details by quadrants show:

  • Top Quadrant: 1 home sold, Median Sale Price: $22,000,000, Median DOM: 115, Avg. $/Sq.Ft.: $2,197.
  • Second Quadrant: 1 home sold, Median Sale Price: $7,500,000, Median DOM: 127, Avg. $/Sq.Ft.: $2,010.

Analysis

The data indicates that while the volume of sales is low, the market for high-value properties remains active, with significant transactions in the top quadrants. This suggests that despite overall market cooling, there is still demand for premium properties in Atherton.

Conclusion

The Atherton market in January 2024 showed a decrease in the number of homes sold compared to the previous month but an increase in median sale prices. The year-over-year comparison indicates a decrease in sale prices and an increase in DOM, suggesting a market adjustment. However, the activity in the high-value quadrants indicates continued interest in premium properties. The market dynamics suggest a nuanced view where premium properties command value, but overall market activity is slowing.

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