Month-over-Month Changes

February 2024 witnessed notable developments in the Atherton housing market:

  • Homes Sold: There was a significant uptick in sales, with 5 homes sold in February 2024, marking a 67% increase from the 3 sales in January 2024.
  • Median Sale Price: The median sale price saw a dramatic decrease, from $15,500,000 in January 2024 to $5,675,000 in February 2024, a 63% reduction.
  • Days on Market (DOM): The average DOM dropped substantially to 11 days in February from 127 days in January 2024, indicating a much quicker turnover.
  • Percentage of List Price Received: Sellers received an average of 97% of their asking price, an improvement from 94% in January 2024.

Analysis

The month-over-month data suggests a more active market in terms of sales volume, with properties selling much faster than in the previous month. However, the significant decrease in median sale price indicates a shift towards transactions at lower price points or possibly a normalization of the market following a period of exceptionally high-value sales.

Year-over-Year Comparison

The year-over-year changes highlight broader trends within the Atherton market:

  • Homes Sold: The number of homes sold decreased by 44% from 9 in February 2023 to 5 in February 2024.
  • Median Sale Price: There was a considerable decline in the median sale price, from $10.50M in February 2023 to $5.68M in February 2024.
  • Days on Market (DOM): The DOM saw a significant reduction, from 23 days in February 2023 to 11 days in February 2024.
  • Percentage of List Price Received: The percentage of list price received by sellers increased slightly from 94% in February 2023 to 97% in February 2024.

Analysis

The year-over-year data reflects a decrease in the number of transactions and a notable drop in median sale prices, suggesting a cooling in the high-end market segment or an adjustment in market expectations. However, the faster sale pace and increased percentage of list price received indicate sustained demand and a competitive market environment.

Price Points and Quadrants

A closer examination by price quadrants for February 2024 reveals:

  • Top Quadrant: 2 homes sold at a median price of $10,300,000, showing continued interest in Atherton’s luxury market.
  • Second Quadrant: 1 home sold for $5,675,000, highlighting activity in the premium market segment.
  • Third Quadrant: 1 home sold at $3,780,000, indicating transactions in the mid-high market.
  • Bottom Quadrant: 1 home sold for $3,700,000, pointing to sales in the more accessible luxury market.

Analysis

The distribution of sales across different price points underscores the diversity within Atherton’s market, with transactions spanning from the top-tier luxury segment to more accessible high-end properties. This range suggests that Atherton remains a sought-after location for buyers across various luxury market levels.

Conclusion

Atherton’s real estate market in February 2024 presented a mixed picture of increased sales volume and reduced median sale prices month-over-month, along with faster market turnover and a slight improvement in seller receipt percentages. Year-over-year, the market experienced fewer sales and a significant price adjustment, albeit with properties selling more quickly. The analysis by quadrants highlights the continued appeal of Atherton’s diverse luxury market, with activity across a spectrum of price points. As we move further into 2024, these trends will be crucial for understanding the evolving dynamics of Atherton’s prestigious real estate landscape.

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