Although inventory remains tight, there are still properties available and selling at all price points in Atherton. Homes sell quickly, especially unique homes or lots, because the pipeline of buyers is so full. The median days on market in the first quarter was 15 days, as compared with 25 days in Q1 of 2013. With the new year also came an increase in the median sale price. The median sales price was $5M, a 28% increase over the same quarter one year ago.
There is insatiable demand for buildable lots. This strong desire is driving up property values in Atherton. Lindenwood and “Atherton Oaks (the north side of Atherton, bordered by Atherton Ave and Selby Lane) saw the most significant lot value increases. A good acre lot in Atherton Oaks can sell up to $5M ($3.7 on the geographic fringe), while Lindenwood has seen property values for land increase by as much as $1M. A good lot in Lindenwood is now selling at $4M and can easily generate 4-5 offers.
In the first quarter, 7 homes sold for over $12M, but still less than their asking price. Most of these were newer construction. As of today, there are another 9 homes available on the MLS in this same price range, and others available “off-MLS.”
The mid-range ($6M – $8M) has been fairly active as well. Four homes sold in the first quarter, mostly older homes. A few sold well over their asking price. If you’re looking for a “done home” in the $5M range, keep your eye on the neighborhoods between Alameda and Highway 280.
In summary, expect to pay between $3.2M – $6M for land to build, depending on schools and specific location. Secure a local agent so you don’t miss out! A “done” home, which may or may not need updating, is likely to be in the $5M – 7M range. There are still plenty of $9M – $20M homes, both on and off MLS.
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