"Have prices dropped since January 2009 in Atherton?"
Thus started the question from an accountant working on behalf of one of her clients. I'm happy to help other professionals gather the information their clients need, and did a bit of research for her.
Pulling information from our MLS for the part of Atherton in question for the last two years showed the following:
Interesting--there has been virtually no change; in fact, the median sales price was exactly the same both years--$3,650,000.00
Next, I prepared a comparative market analysis for homes in the area of similar square footage, active listings, pending sales and solds since 2010. The median price of the 4 sold properties was $3,302,500, and an amazing $1,045 per square foot!
Later today I read the article, "Big Spenders Buoy Housing" in The Wall Street Journal, WSJ.com. Hear for youself what researchers have found:
The gist of the article is that "big spenders are still lavishing money on luxury homes in the Bay Area." They went on to say that sales of homes priced at $2,000,000 or more was up nearly 20% from 2009 levels, and that Atherton is the town with the most sales priced above $5 million in 2010--20 such homes sold. San Francisco was second highest, with eight sales over $5,000,000 in 2010.
The quiet, upscale Town of Atherton remains the most highly sought-after location for buyers.
I think the accountant has some great news to share with her client!