The Median Sales Price is Up in Atherton while Inventory is Down
In the 3rd quarter, the median sales price continued to climb and was up 12% from this same time last year. What is not up is inventory. In the 3rd quarter, inventory was down 26% as compared to Q3 of 2014 and down 49% from Q3 of 2013!
Inventory May be Down, but Houses are Going up!
In the last 12 months, 38 new home permits have been issued, 65% in Central Atherton. While new construction continues to be strong between Atherton Avenue and Valparaiso, just as strong is the north side of Atherton, between Atherton Avenue and Selby Lane. Although a key differentiator is the school district (north of Atherton Ave bordered by Selby Lane is aligned with Redwood City Schools), both of these locations are experiencing high demand as buyers seek land opportunities. And although new home styles vary, the requirement for a basement is consistent as over 75% of these new homes will have a basement.
Look Beyond the MLS
Some interesting sales that never made it to the public market, both in north Atherton, include a new construction home on Selby Lane (closer to El Camino) which sold for just over $16m as well as a development opportunity on Tuscaloosa which sold for over $30m. Typical of Atherton, there continue to be off-mls opportunities. If you are considering buying or selling, engage a “local” realtor to ensure that you are aware of them.
