Month-over-Month Changes

In June 2024, the Atherton real estate market displayed several changes compared to May 2024:

  • Homes Sold: 14 homes were sold in June, representing a 40% increase from 10 sales the previous month.
  • Median Sale Price: There was a slight increase of 1% in the median sale price, rising from $10,000,000 in May to $10,090,000 in June.
  • Days on Market (DOM): The average DOM rose significantly to 47 days from 11 days in May.
  • Percentage of List Price Received: Sellers received an average of 98% of their asking price in June, down from 101% in May.

Analysis

The month-over-month data shows a notable increase in homes sold, which suggests heightened buyer activity in June. However, the substantial rise in DOM indicates that while more homes are selling, they are taking longer to do so. The decrease in the percentage of list price received points to slight negotiation flexibility in the market.

Year-over-Year Comparison

When comparing June 2024 to June 2023, the following changes are observed:

  • Homes Sold: There was a 17% increase, with 14 homes sold in June 2024 compared to 12 in June 2023.
  • Median Sale Price: The median sale price rose significantly by 38%, from $7.32M in June 2023 to $10.09M in June 2024.
  • Days on Market (DOM): The median DOM increased from 37 days in June 2023 to 47 days in June 2024.
  • Percentage of List Price Received: The percentage of list price received slightly improved from 97% in June 2023 to 98% in June 2024.
  • Months of Inventory: Inventory dropped from 3.8 months in June 2023 to 2.1 months in June 2024.
  • Average Dollar per Sq. Ft.: There was an increase from $1,835 in June 2023 to $2,113 in June 2024.

Analysis

The year-over-year data indicates a strong upward trend in home prices, reflecting high demand and possibly limited supply. The increase in DOM could suggest that buyers are taking longer to make decisions in a higher-priced market. The reduction in inventory months signifies a tighter market, enhancing the bargaining power of sellers.

Price Points and Quadrants

The sales details for June 2024 were broken down by quartiles:

  • Top Quartile: 4 homes sold, Median Sale Price: $21,850,000, Median DOM: 50, Avg. $/Sq.Ft.: $2,752.
  • Second Quartile: 4 homes sold, Median Sale Price: $10,790,000, Median DOM: 31, Avg. $/Sq.Ft.: $1,723.
  • Third Quartile: 3 homes sold, Median Sale Price: $8,500,000, Median DOM: 72, Avg. $/Sq.Ft.: $1,533.
  • Bottom Quartile: 3 homes sold, Median Sale Price: $6,497,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,992.

Analysis

The data shows that the top quartile saw the highest median sale price and average dollar per square foot, indicating strong demand for luxury properties. However, the longer DOM suggests that these high-end homes take longer to sell. The bottom quartile, despite having the lowest median sale price, exhibited the shortest DOM, suggesting quicker sales for more affordable properties.

Conclusion

The Atherton market in June 2024 demonstrated robust activity, with a notable increase in homes sold both month-over-month and year-over-year. The rising median sale prices and decreasing inventory months point to a seller’s market with high demand and limited supply. The breakdown by quartiles indicates active movement across all price points, particularly in the luxury segment. Buyers should be prepared for competitive conditions, while sellers can expect strong interest and favorable sale prices.

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