Verdant Pastures

September 17, 2009

We are all trying to get a handle on the real effect of the real estate market on our pastures. Every year Forbes commissions Altos Research, which is a company located in Mountain View, that tracks the real estate market and ranks the most expensive zip codes. The list is a snapshot of one day in time, so a single sale can skew the results. Nonetheless, the information is interesting view of the upper end real estate market. Altos Research studies over 15,000 zip codes, which amounts to about 90% of all real-estate transactions. http://www.altosresearch.com/ The home prices were determined by asking price for single family and multiple family homes on August 14, 2009.

Home prices in these expensive enclaves experienced a 7% average drop in asking price, although in many places, prices fell even more. ZIP Code 07620 in Alpine, N.J. which headed the list had a median asking price of $4.14 million with an inventory of 48 homes. However, homes were on the market an average of 250 days and prices there fell 23% over the past year.

While last year, California accounted for 96% of the 50 most luxury ZIP codes, this year it was less than 50%. Significantly, 83% of those California ZIP codes on the list posted prices that had declined or stayed the same.

Atherton ZIP 94027 ranked number 2 on the list with a median home price of $4,139,041 and an inventory of 49 houses. Houses stayed on the market an average of 133 days. Woodside ZIP 94062 ranked 35th with median home price of $2,424,031 and an inventory of 56 homes with an average time on the market of 177 days on the market. Nonetheless, this represents a gain of 3%.

Here are the 47 California ZIP codes which made the list:

Rank

ZIP Code and City Median Home Price Median Price Change Inventory Days on the Market
2 94027 Atherton $3,849,133 -26% 49 133
4 91008 Duarte $3,444,773 18% 9 155
5 90210 Beverly Hills $3,367,167 -5% 268 193
6 92067 Rancho Santa Fe, $3,362,493 -12% 307 207
7 93108 Santa Barbara $3,284,652 -9% 259 155
8 94024 Los Altos Hills $3,277,500 4% 15 151
11 92661 Newport Beach $3,080,806 0% 62 201
17 91302 Hidden Hills $2,928,887 0% 49 47
22 92657 Newport Coast $2,695,512 -10% 231 212
23 94528 Diablo $2,648,589 13% 20 219
25 94010 Hillsborough $2,646,002 -13% 105 157
26 94920 Tiburon $2,620,154 -10% 84 171
31 95030 Monte Sereno $2,493,300 -8% 32 226
32 94957 Ross $2,486,923 -1% 27 149
35 94062 Woodside. $2,424,031 3% 56 177
37 94028 Portola Valley $2,391,997 3% 36 134
38 90265 Malibu $2,362,381 -15% 395 243
39 90077 Los Angeles $2,346,874 -7% 135 175
41 92091 Rancho Santa Fe $2,323,734 0% 53 171
42 93953 Pebble Beach, Calif. $2,277,607 -8% 119 256
43 90402 Santa Monica $2,277,172 -9% 93 159
44 94022 Los Altos Hills $2,274,084 -15% 80 171
48 94610 Piedmont $2,235,846 0% 6 52
49 94022 Los Altos $2,220,346 -8% 46 110
52 92662 Newport Beach $2,195,909 -2% 46 206
53 94920 Belvedere $2,170,833 -22% 61 168
55 90272 Pacific Palisades $2,148,566 -12% 231 162
56 92651 Laguna Beach, Calif. $2,109,240 9% 425 217
58 90049 Los Angeles $2,096,518 3% 293 182
63 94970 Stinson Beach $1,919,447 -15% 30 195
64 92625 Corona Del Mar $1,910,511 -12% 251 191
67 94024 Los Altos $1,867,176 -14% 81 124
71 94301 Palo Alto $1,846,870 -14% 71 114
73 93066 Somis $1,824,962 -5% 33 269
75 94904 Kentfield $1,801,633 -20% 44 113
79 91108 San Marino $1,775,455 4% 43 102
80 90266 Manhattan Beach $1,774,446 -7% 242 163
81 94611 Piedmont $1,770,150 9% 17 87
83 92118 Coronado $1,734,790 1% 280 199
88 92014 Del Mar $1,721,338 -4% 203 164
89 94507 Alamo $1,701,521 1% 136 181
93 95070 Saratoga $1,671,854 -13% 195 156
94 93460 Santa Ynez $1,668,267 -7% 111 167
96 92663 Newport Beach $1,663,038 4% 272 206
98 95030 Los Gatos $1,645,063 -23% 100 149
99 92037 La Jolla $1,634,234 -2% 491 162

 See the entire list here.

Many commentators expect further declines before luxury home prices hit bottom. Buyers are waiting for prices to fall even further. There is a lack of credit at the top end of the market. So, it is good to know that Woodside’s market, at least by this measure, seems fairly stable.

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