Month-over-Month Changes

In May 2024, the Atherton real estate market exhibited notable changes compared to April 2024:

  • Homes Sold: The number of single-family homes sold remained constant at 10, with no change from April 2024.
  • Median Sale Price: There was a significant 50% increase in the median sale price, which rose from $6,675,000 in April 2024 to $10,000,000 in May 2024. This suggests a strong upward trend in property values.
  • Days on Market (DOM): The average days on market increased from 9 days in April to 11 days in May 2024, indicating a slight slowing in the speed at which homes are selling.
  • Percentage of List Price Received: Sellers in Atherton received, on average, 101% of their asking price in May 2024, compared to 100% in April 2024. This minor increase highlights a competitive market where homes are often selling above their list prices.
  • Average Price per Square Foot: The average price per square foot rose from $1,853 in April to $2,010 in May 2024, reflecting a 17% increase and indicating a rise in the overall value of properties per square foot.
  • Months of Inventory: The months of inventory decreased from 6.0 in April to 3.7 in May 2024, suggesting a tightening market with fewer homes available relative to demand.

Analysis

The month-over-month data suggests that Atherton’s real estate market is heating up, with significant increases in median sale price and average price per square foot. The increase in DOM suggests that while homes are still selling quickly, the market may be stabilizing slightly. The decrease in inventory indicates a competitive market with limited supply, which is likely driving up prices.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the Atherton real estate market has experienced substantial changes:

  • Homes Sold: There was a 67% increase in the number of homes sold, rising from 6 in May 2023 to 10 in May 2024.
  • Homes Listed: The number of homes listed decreased by 45%, from 11 in May 2023 to 6 in May 2024. This significant drop in new listings has likely contributed to the competitive nature of the market.
  • Median Sale Price: The median sale price jumped by 84%, from $5,450,000 in May 2023 to $10,000,000 in May 2024, indicating a strong demand for higher-value homes and a significant appreciation in property values.
  • Median Days on Market: The median days on market saw a significant decrease, from 35 days in May 2023 to 11 days in May 2024, reflecting a faster-moving market.
  • Percentage of List Price Received: The percentage of list price received increased from 98% in May 2023 to 101% in May 2024, indicating that homes are selling closer to or above their asking prices.
  • Months of Inventory: There was a notable reduction in months of inventory from 6.0 in May 2023 to 3.7 in May 2024, further highlighting the decreasing supply relative to demand.

Analysis

Year-over-year, the Atherton real estate market has seen significant growth in terms of home values and sales activity. The substantial increase in median sale price and the faster pace at which homes are selling indicate a robust market with strong buyer demand and limited supply. The decrease in inventory suggests that the market is becoming more competitive, with fewer homes available for sale.

Price Points and Quadrants

The sales data for May 2024 were broken down by quadrants, providing insights into different price segments of the market:

  • Top Quadrant: This segment saw 3 homes sold with a median sale price of $17,500,000. The median days on market (DOM) was 45, and the average price per square foot was $2,024. This indicates that the high-end market remains active with properties moving at premium prices.
  • Second Quadrant: In this segment, 3 homes were sold with a median sale price of $10,000,000, a median DOM of 16 days, and an average price per square foot of $1,853. This suggests a robust demand for luxury properties.
  • Third Quadrant: The third quadrant had 2 homes sold with a median sale price of $7,350,000, a median DOM of 28 days, and an average price per square foot of $1,941. This shows that mid-range properties are also experiencing significant activity.
  • Bottom Quadrant: This segment saw 2 homes sold with a median sale price of $4,148,500, a median DOM of 27 days, and an average price per square foot of $1,695. This indicates that even the lower end of the market is seeing substantial movement and appreciation.

Analysis

The data reveals that all quadrants of the market are active, with the top and second quadrants experiencing the most significant activity. This suggests a strong demand for higher-priced homes, indicating that the market is favorable for sellers in these price ranges. The relatively quick turnover in the third and bottom quadrants also points to a competitive market across various price points.

Conclusion

The Atherton real estate market in May 2024 has shown strong performance across various metrics. Despite a slight increase in days on market, the overall trend points to rising property values and a highly competitive market with limited inventory. The substantial year-over-year increases in median sale price and reduction in inventory highlight the ongoing demand for real estate in Atherton.

The breakdown by quadrants indicates that higher-priced homes are particularly active, suggesting a strong market for sellers across all segments. The continued appreciation in average price per square foot further reinforces the growth and desirability of properties in this area.

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