Residential property values in Atherton reached a record high in 2018, following a year when far fewer high-end homes sold, thus resulting in significant declines in 2017. The average price of a home in 2018 rose by $2,568,953, or 45%, to a record high $8,323,358. The average sale price in Atherton in 2017 was $5,754,405 and in 2016 it was $8,212,907. As shown in the quarterly average chart, the second quarter of 2018 saw the highest average price of $9,098,440, although it was still lower than the record set in the fourth quarter of 2016 when it exceeded $9.6 million. The median sale price of an Atherton home in 2018 also increased dramatically rising 40% to $6,650,000. This compares to a median price of $4,750,000 in 2017 and $6,002,500 in 2016. Keep in mind that any properties sold in Atherton off the Multiple Listing Service (MLS) are not part of this review.
The median price has more than doubled since 2012 and has increased 138% since the recession low in 2009. The average price has increased even faster, more than doubling since 2013 and rising 151% since the recession low in 2009 when the average price was $3,311,604.
Far fewer homes sold over list price than in years past but there were still 17, or 25%. There were also 11 homes, or 16%, that sold at list price and 39 homes, or 58%, that sold for less than list price.
The average days on market, at 52, was higher than it was in 2017 when it was 47 (the lowest in recent records of 17 years). It is also 50% lower than it was in the recession years. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of 15 days; homes that sold for less than list price were on the market for an average of 78 days.
In 2018, the total number of closed escrows in Atherton (per the MLS) totaled 67, far fewer than the 82 homes that sold in 2017 and the lowest number of sales since 2008 when 61 properties closed escrow.