Month Over Month Changes

The Atherton real estate market has experienced significant changes from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A sharp decrease from 12 to 2 homes sold, marking an 83% drop.
  • Median Sale Price: A 27% decrease from $7,325,000 in June to $5,319,000 in July.
  • Days on Market (DOM): A rise to 94 from 37 in June, a substantial increase.
  • Percentage of List Price Received: Sellers received 93% of their asking price in July, down from 97% in June.

These figures indicate a dramatic slowdown in the market, with fewer sales, lower prices, and longer selling times.

Year Over Year Changes

Comparing July 2023 to July 2022, the Atherton market has seen the following year-over-year changes:

  • Homes Sold: 2 in July 2023 vs. 4 in July 2022, a decrease of 50%.
  • Homes Listed: 6 in July 2023 vs. 8 in July 2022, down by 25%.
  • Median Sale Price: $5.32M in July 2023 vs. $7.65M in July 2022, a decrease of 30%.
  • Average Dollar per Square Foot: $1500 in July 2023 vs. $2007 in July 2022, down by 25%.
  • Median Days on Market: 94 in July 2023 vs. 4 in July 2022, an increase of 2250%.
  • Months of Inventory: 3.6 in July 2023 vs. 3.0 in July 2022, an increase of 20%.

The year-over-year data paints a picture of a market that has slowed down considerably, with fewer sales, lower prices, and significantly longer selling times.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Atherton by quartile:

  • Top Quartile: 1 sold, Median Sale Price: $7,900,000, Median DOM: 163, Avg. $/Sq.Ft.: $1,044
  • Second Quartile: 1 sold, Median Sale Price: $2,738,000, Median DOM: 24, Avg. $/Sq.Ft.: $1,955

The data reveals that only the top two quartiles saw sales in July, with the top quartile experiencing a longer time on the market.

Conclusion

The Atherton real estate market has experienced a significant slowdown in July 2023, with a sharp decrease in sales, lower prices, and extended selling times. The market’s dynamics have shifted, and it will be essential for both buyers and sellers to adapt to these changes as they navigate the real estate landscape in Atherton.

The data suggests a cautious approach may be warranted, especially considering the dramatic changes in the market. Continued monitoring of these trends will be vital in the coming months to understand the underlying factors driving these shifts.

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