Falling Sale Prices? Not in Atherton
co-written by Mary Jo McCarthy and Rich Bassin
Falling sale prices? Not in Atherton. Median sale prices for 2016 were approximately 2.2% higher than 2015 and the price per square foot increased by approximately 7%.
Notable market trends in Atherton included a steady decline in the sales price as a percent of the list price. In 2016, approximately 54% of the properties sold for less than the most recent list price and 60% sold for less than the original list price. This correlates with the increase in the number of days on market as well.
Significant sales in the 4th quarter included three homes which sold in the $20m+ range as well as several “land value” sales in West Atherton ranging in price from $5.1m-$7.25m for 1-acre (+/-) properties.
In summary, if you are looking to purchase a home in Atherton, expect to pay approximately $15M+ for newer construction in West Atherton. The Lindenwood neighborhood will likely present the best opportunities for an older remodeled home under $10m. And depending on the neighborhood, expect to pay $5m-$10m for remodel and “one-acre land value” opportunities.
If you’d like more specific information, please contact us.