Atherton home prices skyrocket

The small town of Atherton, long known as one of the most expensive places in America, is cranking that reputation even higher. Over the last three months, the dollar figure homeowners placed on their properties when listing them and the amount buyers paid for homes here has reached unparalleled heights.Between December 2014 and February 2015, the monthly median list price of homes averaged $11,875,000 with this monthly breakdown:

December: $10,500,000 January: $12,625,000 February: $12,500,500

December was the first month in more than two years (and possibly ever) that the median list price broke the $10 million barrier. During the same three months a year ago, the monthly median list price averaged $7,154,166.

This number has been on a steady upswing for many months, with very little fluctuation. In February 2013, the median list price of Atherton homes was $4,796,500.

More expensive homes being bought

As to what buyers are paying for homes in this town, that figure has also risen significantly during the past two years. In the most recent December-January-February triad, the median sold price of homes was $7,192,500. That’s up from $4,515,000 the previous year.

Bear in mind that any dollar difference between list price and sold price just means that while homeowners may assign a specific value to their homes, buyers aren’t necessarily buying within the upper price ranges.

Drop in available homes and the number sold

Another trend you can’t miss when studying stats for the Atherton real estate market is the decline in the number of homes put on the market as well as a decline in the number of homes being bought.

Look at the number of properties available for purchase in the two time periods we’re considering here:

December 2014-February 2015: 52 December 2013-February 2014: 128

The pace of homes being sold has slowed along with the number of listings. Here are home sales totals for the two periods:

December 2014-February 2015: 11 December 2013-February 2014: 23

It’s clear that higher-priced homes are hitting the market, but not in great numbers, and that buyers are spending more for homes but buying fewer of them.

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