Month-over-Month Changes

In April 2024, the Atherton real estate market displayed a dynamic shift from the previous month:

  • Homes Sold: Skyrocketed by 400%, from 2 homes in March 2024 to 10 homes in April 2024.
  • Median Sale Price: Experienced a significant drop of 51%, decreasing from $13,702,500 in March 2024 to $6,675,000 in April 2024.
  • Days on Market (DOM): Decreased dramatically to 9 days from 37 days in March 2024.
  • Percentage of List Price Received: Sellers received 100% of their asking price, an increase from 90% in March 2024.

Analysis

The drastic increase in homes sold coupled with a steep decrease in the median sale price suggests a sudden market correction or a release of pent-up demand for more affordably priced homes. The swift sales pace and full receipt of asking prices indicate a still competitive market despite lower price points.

Year-over-Year Comparison

Comparing April 2024 to April 2023, Atherton’s market shows significant variances:

  • Homes Sold: Increased by 100%, from 5 to 10.
  • Median Sale Price: Dropped by 40%, from $11.19M to $6.68M.
  • Days on Market: More than halved, from 21 days down to 9.
  • Percentage of List Price Received: Improved slightly from 96% to 100%.

Analysis

This year-over-year analysis reveals a market with increased sales activity and faster turnover, suggesting growing buyer interest and a shift towards more rapid transactions at lower price points, reflecting potentially broader accessibility to the market.

Price Points and Quadrants

April 2024 sales data by quadrants show varied activity across different market segments:

  • Top Quadrant: 3 homes sold, Median Sale Price: $15,800,002, Median DOM: 7, Avg. $/Sq.Ft.: $2,063.
  • Second Quadrant: 3 homes sold, Median Sale Price: $6,750,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,839.
  • Third Quadrant: 2 homes sold, Median Sale Price: $6,150,000, Median DOM: 29, Avg. $/Sq.Ft.: $1,656.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $5,450,500, Median DOM: 9, Avg. $/Sq.Ft.: $1,902.

Analysis

The disparity in the average price per square foot across quadrants highlights the diverse buyer interests in Atherton, ranging from ultra-luxury properties to more modestly priced homes. The top quadrant remains the most expensive, with significant sales activity suggesting continued interest in high-end properties.

Conclusion

The Atherton market in April 2024 exhibited robust growth in sales volume with a considerable reduction in sale prices year-over-year and month-over-month. This shift indicates a potentially more buyer-friendly market phase, where high-end homes continue to command top dollar, but more properties are moving quickly at adjusted prices, offering opportunities at various investment levels. The real estate landscape in Atherton is rapidly evolving, guided by both market corrections and enduring luxury appeal.

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