- Inventory flat
- Closed sales fall while pending sales rise
- Median sales price down
It was a bit of a quiet month in the Atherton real estate market in February. There were only five closed sales of single family detached homes and no change in the inventory level. The number of sales that went into contract was also flat, after declining the past four months.
The median sales price fell in February to $3,675,000, a $380,000 drop from $4,055,000 in January. With only eight and five closed sales in January and February respectively, the fall in the median sales price does not really tell us much about prices. With the small sample size, prices can swing widely. With that said, the median price was about 20% below the level of a year ago ($4,575,000). The average price per square foot increased to $1023 in February from $1021 in January and $952 a year ago. February’s closed sales received about 108% of their list price, up from 103% in January. That was the highest percentage in two years.
Only five sales closed in February, down from eight in January. Eight sales also closed in February 2013. As can be seen in the chart below, the number of closed sales can vary quite a bit from month to month. As we move into spring, and with the stability of inventory and sales that went into contract, we will likely see closed sales begin to pick up soon.
Eight sales went pending in February, the same amount as the past two months, as well as February of last year. 22 homes were actively listed at the end of February, unchanged from January. That was two more than a year ago. 2.75 months of inventory relative to sales that went pending were available at the end of February, the same as at the end of January.
February’s closed sales were on the market an average of 76 days, down from 68 in January but higher than the 27 days from February 2013.
Analysis by Price Range
Only three homes priced under $3 million were actively listed at the end of February. That was still 38% of Atherton’s total. Two properties were on the market in this segment at the ned of January. No sales went pending in this segment in February, compared to three during January.
Two properties were listed for sale in the $3 million to $4.9 million price range at the end of February, up from zero at the end of January. One sale went into contract during February, two less than in January. This price range accounted for 9% of Atherton’s inventory at the end of February and 13% of the sales that went pending during the month. Two months of inventory relative to sales that went pending were available at the end of February.
Both inventory and the number of sales that went pending moved up one unit in February from January. Eight homes were actively listed at the end of February and three sales went into contract during the month. 36% of Atherton’s inventory and 37% of its pending sales were in this price range in February.
12 properties were listed for $10 million or more at the end of February, unchanged from January. One sale went into contact in February, which was one more than in Janaury. 55% of Ahterton’s inventory at the end of February was priced at $10 million or more, while 38% of the sales that went pending during the month wer ein this segment.