My Home Advise

The Atherton real estate market, a portion of the larger San Mateo and Silicon Valley real estate markets, showed a trend towards stabilization and growth in recent months. According to a May 20, 2010 article in the Mercury News, “In San Mateo County, the median price of houses sold in April was $638,000, up 16 percent from a year earlier and down 9 percent from March. The median marks the halfway mark, meaning half the homes sold in April cost less than the median figure, and half cost more.” The piece, composed by Sue McAllister, went on to say that “The number of houses sold in San Mateo County rose 21 percent from April 2009, with 442 houses changing hands…Vicki Moore, an Alain Pinel agent in San Mateo, agreed, saying that homes in the $500,000 price range in San Mateo County ‘are getting snapped up pretty fast.’”

The effect of San Mateo foreclosures on Atherton homes for sale likely diminished in the months of May and April, as they showed a strong decline in the most recent tracking figures. According to a May 11, 2010 article in the Mercury News, “Foreclosure filings in San Mateo County tumbled 25 percent last month compared to the same time last year, a sign the worst of the housing crisis has passed, according to a report released Tuesday.” The piece, written by Sue McAllister, went on to say that “April marked the third time in five months that default notices declined compared to their year-earlier levels, according to data from ForeclosureRadar, a Discovery Bay company. A total of 327 notices of default were filed in San Mateo County in April, down 25 percent from April 2009, and down 18 percent from March 2010.”

Atherton real estate, along with nearby Santa Clara and surrounding San Mateo counties, may have hit a bottom in terms of home prices, which would increase the likelihood of a continued rebound. According to a May 10, 2010 article in the Mercury News, “In San Mateo County, home values in the first quarter were flat compared with a year earlier, and the median estimated value was $638,800.”