REAL ESTATE REVIEW

Atherton Annual Report: 2006

2006 marked the year that the average price of an Atherton property finally surpassed the previous all-time high. Overall, the average home price for 2006 was $4,183,363, over $100,000 more than at the peak of the market in 2000, when it was $4,072,355. This was well above the average prices for 2005 and 2004, which were $3,407,260 and $3,540,560 respectively. The 2006 average was significantly above those of 2003 and 2002, which were both in the mid $2,000,000 range.

The median price of an Atherton home in 2006 was $3,256,410. This continues an upward trend for the fourth year in a row. The median price of Atherton property was $3,000,000 in 2005, slightly above the median price of 2004, which was $2,999,500. The 2006 median is over $1,000,000 higher than the median of 2003, which was $2,175,000. The median price for all of 2002 was $2,397,500.

It took approximately five and one half weeks longer to sell a residential property last year – 90 average days on the market as compared to 51 average days in 2005. This is also nearly two weeks longer than the 78 day average of 2004. The average for 2003 was 100 days on the market, and the average for 2002 was 65 days.