- Inventory a little higher but still low
- Only 4 sales go to contract, 2 close in February
- Too few sales to evaluate prices
- Supply rises to 3.5 months due to low sales
The number of homes available for sale in Atherton increased by six units in February but remained very low and the lack of inventory continued to suppress sales. With so few sales, we really can’t draw any conclusions on prices during February. A 3.5 month supply was on the market at the end of February, a reflection of the low level of sales.
The two closed sales we had both sold for over $6 million, with the average sales price to list price ratio of nearly 110%, the highest since May 2012. The average price per square foot was $1,138, which was the lowest since October.
Sales have been steadily falling due to the lack of inventory. February’s two sales was one less than in January and matched the low set in January 2012.
14 properties were actively listed at the end of February, up six from eight at the end of January. That is still an extremely low number of homes for sale for Atherton. The averages for 2013 and 2014 were 36 and 22, respectively. Only four sales went pending in February, the second fewest in two years (December 2014’s total was zero). One year ago, eight sales went to contract. Inventory relative to pending sales increased from 1.3 months at the end of January to 3.5 months at the end of February.
One of the closed sales in February was listed for only nine days, while the other was on the market for 256 days.
Analysis by Price Range
No homes priced under $3 million were for sale at the end of February and none went to contract during the month. One year ago, inventory was two units and three sales went to contract.
Three properties priced from $3 million to $4,999,999 were available at the end of February, the most in four months. Two sales went to contract in February, up one from January. Those two pending sales made up half of Atherton’s total during February. 21% of the city’s inventory was in this price range. A 1.5 month supply was on the market at the end of February.
The $5 million to $9,999,999 segment continued to see low inventory and sales. One home was actively listed at the end of February and one sale went pending during the month, meaning there was a one month supply in this price range. 25% of pending sales were in this category, as well as 7% of inventory.
71% of Atherton’s inventory at the end of February (10 homes) was priced at $10 million or more. That was up from seven at the end of January but below February 2014’s 12 properties. Only one sale went to contract in this segment in February, representing 25% of Atherton’s total. We have a 10 month supply of these homes.