- Price indicators mixed
- Inventory rises, led by lower end
- Still very little inventory of homes priced under $5 million
- Sales down
The Atherton real estate market continued to soften in August, with sales declining and inventory rising. While there were still very few homes priced under $5 million on the market, there were a few more than at the end of July.
With only six closed sales in August, it’s hard to read too much into the price data for Atherton. The median sales price increased to $4,900,000 in August from $3,500,000 in July, a 40% ($1,250,000) jump. August’s median sales price was also $1,250,000 or 34% higher than August 2013’s $3,650,000. The average sale was for 105% of the list price in August, up from 99% in July and 100% a year ago. July was, however, the first month in nearly a year that this ratio was below 100%. On the other hand, the average price per square foot in August was $1,327, which was 47% ($1,185) below July’s $2,512. July’s average price per square foot was double the highest price in the preceding year. August’s price per square foot was still $362 or 38% higher than a year ago.
Six sales closed in August, the fewest since five in February. August had three fewer sales than July and four less than a year ago.
Six sales went to contract in August, two fewer than in both July of this year and August of last. 25 properties were actively listed at the end of August, up from 23 at the end of July but 15 less than the 40 that were available a year ago. 4.2 months of inventory were on the market at the end of August relative to pending sales, up from 2.9 months at the end of July. 5.0 months of inventory was available a year ago.
August’s sales were on the market for an average of 49 days, up 19 days form 30 in July. A year ago, homes were on the market an average of 117 days.
Analysis by Price Range
Three homes priced under $3 million were actively listed at the end of August, up from only one at the end of July and two a year ago. One sale went to contract in this segment during August, compared to in July and three a year earlier. Inventory relative to ending sales increased from 0.5 months at the end of July to 3.0 months at the end of August. 12% of Atherton’s inventory and 17% of its pending sales were priced blow $3 million.
There were also three homes actively listed in the $3 million to $4,999,999 price range at the end of August. Two of these homes were on the market at the end of July as well as a year ago. Two sales went pending in this price range during August, three less than in July. 1.5 months of inventory was on the market at the end of August, up from 0.4 months at the end of July. This segment accounted for 12% of inventory and 33% of pending sales.
Eight homes priced from $5 million to $9,999,999 were on the market at the end of August, while only one sale went to contract in this category. Inventory was down one unit from July, while pending sales were the same as during July. Inventory relative to pending sales fell from 9.0 months at the end of July to 8.0 months at the end of August. 32% of Atherton’s inventory was in this price range, as was 17% of pending sales.
With eleven homes priced at $10 million or more activly listed at the end of August, this segment makes up the biggest protion of Atherton’s inventory (44%). There were also 11 homes on the market in this segment at the end of July and 10 at the end of August 2013. Two sales went pending in this price range in August, 33% of Atherton’s total. None sales went pending in this segment in July and there were tow a year ago.