- Status quo
- Inventory continues to climb
- Bulk of inventory over $5 million
- Sales stay strong
The inventory of homes for sale continued to climb in Atherton and was higher at the end of April than at any time since September 2014. Demand remained strong but buyers had more options than had been available the past several months. Homes priced over $5 million continued to account for the bulk of inventory, while demand was strongest in the lower end.
39 properties were actively listed at the end of April, up three from March and 16 more than at the end of April 2015. Nine sales went to contract during April, one less than in March and two less than a year ago. Closed sales increased from nine in March to 10 in April. 11 sales closed in April 2015. The increase in inventory meant that supply relative to pending sales increased from 3.7 months at the end of March to 4.3 months at the end of April. That compares to 2.1 months a year ago.
The median sales price in April was $6,737,500, which was $2.1 million higher than in March, due to the larger mix of higher priced homes in April. However, April was the first time this year that the median sales price exceed that from a year ago. The price per square foot increased from $1,396 in March to $1,437 in April, a 3% increase. That was also 23% higher than a year earlier. Sales in April closed for 99% of their list price, on average, compared to 101% in March and 99% in April 2015.
The time homes were on the market increased in April, from an average of 28 days in March to 48 days. One year ago, homes were listed from an average of 26 days.
Analysis by Price Range
Three homes priced under $3 million were available for sale at the end of April, one less than at the end of March. Two sales went to contract during April, one more than in March. Supply relative to sales dropped from 4.0 months at the end of March to 1.5 months at the end of April. 22% of pending sales and 8% of inventory was priced below $1 million.
The inventory of homes priced from $3 million to $4,999,999 increased by two units in April, to end the month at eight. Pending sales, on the other hand fell by two units to two in April. That resulted in a four month supply at the end of April, up from 1.5 months at the end of March. This segment accounted for 21% of inventory and 22% of pending sales.
Three sales of homes priced from $5 million to $9,999,999 went to contract in April, one more than in March. Inventory fell by two units, from 12 at the end of March to 10 at the end of April, leaving a 3.3 month supply. A third of Atherton’s pending sales during April were in this price range, along with 26% of inventory at the end of the month.
The inventory of homes priced at or above $10 million has been between 15 and 19 for several months and April was no exception. 18 properties were actively listed in this segment at the end of April, three more than at the end of March. Two sales went to contract during April, one less than in March. A nine month supply was on the market at the end of April. Nearly half (46%) of Atherton’s inventory was price at $10 million or more at the end of April, along with 22% of pending sales during the month.