This was a 12 percent gain year-over-year—the second-largest gain this quarter among all seven counties we represent. The luxury sector contributed to much of this activity as tech millionaires are finding areas like Atherton among the most desirable communities in the U.S. However, these stellar sales price numbers were offset by a depleted inventory that saw 1,013 homes sell. This was an 8 percent decrease from the previous year. High demand pushed homes to sell fast, with the average 28 DOM seemingly brisk for an area with such high price tags.
SALES PRICE CHANGE
Homes that required no price change netted 106 percent of initial asking price. When sellers tested the market—as they often did—87 percent of their listing price was recovered. This shortfall should at least provide some relief for those buyers who think no Mid-Peninsula home asking price is too high.
AVERAGE SALES PRICE BY CITY – TOP 10
Atherton continued to act as a magnet for Bay Area affluence. Its average home sale of $7.227 million was a 27 percent gain year-over year. This included a $35.3 million sale and four additional sales of $9 million or more.