Atherton is named for Faxon Dean Atherton, a wealthy trader from Chile, who purchased 640 acres and established the first large estate in the area. The completion of the railroad in 1863 attracted other prosperous citizens of San Francisco, hoping to escape the summer fog. The Town was incorporated in 1923, and adopted stringent zoning regulations.

Atherton Highlights     Population: 7,335 Elevation: 55' Date incorporated: 1923 Average household income: $234,709 Number of homes: 2,502 Lowest sale price 2010: $765,000 Highest sale price 2010: $11,300,000 Average sale price 2010: $3,629,554

As a result, Atherton retains the pastoral atmosphere enjoyed by those nineteenth century residents, with majority of properties in this exclusive zip code exceeding an acre. No sidewalks, an abundance of heritage oaks, and a ban on commerce, plus equal access to San Francisco and San Jose have made Atherton one of the most expensive addresses in the country. Atherton has been consistently ranked by a national magazine as one of the top five most affluent cities in the country.

2010 in Review | Atherton

The average sale price of residential property in Atherton steadily advanced in 2010, reaching an average of $3,629,554 as compared with an average of $3,363,103 in 2009. Last year’s average home price approximated the values last seen in 2005, prior to the elevated markets of 2006 through 2008, when the average sale price exceeded $4,000,000. In 2005 the average price of property in Atherton was $3,407,260; in 2004 it was $3,540,560. The 2010 figure is still well above the average prices for 2001, 2002 and 2003, when the average home price in Atherton dipped below $3,000,000. In 2000, the average price was $4,072,355. The average price of a home in Atherton for all of 2010 was $3,629,554.

The median price of an Atherton home in 2010 was $2,925,000, nearly $100,000 higher than in 2009, when it was $2,830,000. Again, it appears that median prices are regaining the levels seen before the increases of 2006 through 2008, when they climbed substantially above $3,000,000. The 2005 median was slightly lower at $3,000,000, as was the 2004 median at $2,999,500. The record median price occurred in 2000, when the reported figure was $3,847,500.

Last year, residential property in Atherton languished on the market for a record average of 112 days. This represents a slight increase over the previous record of 110 days in 2009. Since 2000, when the average length of time property sat on the market was a mere 35 days, the averages have fluctuated between approximately 50 and 100 days. Even during the banner years of 2006 through 2008, the homes remained on the market 90 days, 60 and 70 days respectively. In 2005, it took an average of 51 days to sell a home, and in 2004, it took 78 days.

I am happy to report that the number of reported closed sales in Atherton increased significantly in 2010. Last year, a total number of 80 properties closed escrow in Atherton, 11 more than in all of 2009, when 69 properties were reported closed. By comparison, 2008 totaled a record low of 62 transactions. This was down from 80 properties sold in 2007, which, in turn, was down from 102 sales in 2006. The number of sales peaked in 2005 at 103 and 2004 at 108. The year 2000 hit an all time high with 117 transactions closed.