Month-over-Month Changes

In September 2023, the Atherton real estate market showed several changes compared to August 2023:

  • Homes Sold: 7 homes were sold, marking a 42% decrease from 12 sales the previous month.
  • Median Sale Price: Decreased by 4% from $8,215,000 in August 2023 to $7,900,000 in September 2023.
  • Days on Market (DOM): Dropped to 48 days from 77 days in August 2023.
  • Percentage of List Price Received: Sellers received 96% of their asking price, up from 94% in August 2023.

Analysis

The month-over-month data indicates a market slowdown. The significant decrease in homes sold and the drop in median sale price suggest reduced demand. However, the DOM has decreased, and sellers are receiving a higher percentage of their asking price, indicating some market resilience.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Remained the same at 7.
  • Homes Listed: Increased by 91%, from 11 to 21.
  • Median Sale Price: Decreased by 32%, from $11.56M to $7.9M.
  • Median Days on Market: Increased from 16 to 48.
  • Percentage of List Price Received: Increased from 95% to 96%.
  • Months of Inventory: Decreased from 4.8 to 4.4.

Analysis

Year-over-year, the market shows mixed signals. While the number of homes listed has almost doubled, the median sale price has significantly decreased. The market is taking longer to move properties, but sellers are receiving a slightly higher percentage of their asking price.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 2 homes sold, Median Sale Price: $12,505,000, Median DOM: 70, Avg. $/Sq.Ft.: $2,007.
  • Second Quadrant: 2 homes sold, Median Sale Price: $9,450,000, Median DOM: 68, Avg. $/Sq.Ft.: $1,724.
  • Third Quadrant: 2 homes sold, Median Sale Price: $6,475,000, Median DOM: 61, Avg. $/Sq.Ft.: $1,665.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $3,725,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,286.

Analysis

The data shows that all quadrants are active, but the top quadrant is seeing the highest sale prices. This suggests that higher-priced homes are taking longer to sell, indicating a more competitive market for sellers in these price ranges.

Conclusion

The Atherton market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The decrease in median sale price year-over-year and the increase in DOM indicate a challenging market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

Data provided by MLSListings and is deemed reliable but not guaranteed.