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Atherton Market Slows in First Half
The reported average sales price of a home in Atherton declined slightly to $3,369,636 in the first quarter of 2011, down from $3,430,712 in the fourth quarter of 2010. The second quarter saw an increase, with an average sale price of $3,419,188, though this is not nearly as robust as the averages of a year ago, which were $3,856,536 in the first quarter and $3,669,635 in the second quarter. There were 14 reported sales in Atherton during the first three months of 2011, equal to the number of transactions that closed escrow during the same quarter last year. In addition, the 19 reported sales in the second quarter, measured well against the 20 reported sales during the same three months in 2010.
The average length of time it took to sell a home decreased steadily from 123 days on the market during the fourth quarter of 2010, to 109 days in the first quarter of 2011. This downward trend continued in the second quarter of 2011 when homes stayed on the market for an average of 84 days. This is far shorter than the days on market for the first two quarters of 2010, when the averages were 119 and 120 respectively. Inventory is plentiful in Atherton, particularly in the high end of the real estate market. As of the middle of July, there were 33 properties listed for sale in the Multiple Listing Service. These range from $999,998 to $17,800,000, with an average price of approximately $5,734,500 and an average of 88 days on the market. By comparison, there were 47 properties listed in July of 2010.
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