- Prices rise
- Price per square foot highest in a year
- Inventory still very low
- Time on market very short – again
July was another strong month for real estate in Atherton. All price indicators were higher, after two relatively soft months in May and June. The price per square foot was higher than in any month since July 2014. Homes were on the market for a very short time again in July, about the same as in June, the fewest number of days in years. Low inventory continued to be a problem here.
The median sales price was $5,775,000 in July, $850,000 higher (17%) than June’s $4,925,000 and nearly $2.3 million higher (65%) than a year ago. The price per square foot was $1,705, which was the highest since July 2014’s $2,512. July’s average was $353 higher than June’s $1,352. The average sales price exceeded the average list price by 3.9% in July, compared to 1.9% in June and 3.4% a year earlier.
Six sales closed in July, down from ten in June and nine a year ago. Low inventory continued to dampen sales.
I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month. With that said, 19 properties were actively listed at the end of July, down three from 22 at the end of June and 15 less than July 2014’s 34. Nine sales went pending in July, one less than in June and the same number as a year ago. Inventory relative to pending sales was little changed; 2.1 months in July versus 2.2 months in June.
July’s sales were listed for an average of 19 days, compared with 17 days for June’s sales and 43 days a year ago. The average for the first six months of this year was 76 days.
Analysis by Price Range
One home was actively listed for less than $3 million at the end of July, the same as at the end of June and one less than a year earlier. Two sales went to contract in this segment in July, unchanged from June but one less than in July 2014. Available homes for sale represented a supply of about two weeks at the end of July, the same as at the end of June. 5% of Atherton’s inventory and 22% of its pending sales were priced under $3 million.
Three homes were for sale in the $3 million to $4,999,999 price range at the end of July, the same as at the end of June but one less than at the end of July 2014. Pending sales were also unchanged from June’s three. That meant June’s one month supply was also unchanged at the end of July. This price range accounted for 16% of inventory and 33% of sales.
In the $5 million to $9,999,999 price range, four homes were available for sale at the end of July, down one from June. Pending sales were unchanged at three. That reduced the supply from 1.7 months at the end of June to 1.3 months at the end of July. 21% of total inventory was in this segment, as well as 33% of pending sales.
One sale of a home priced at or above $10 million went pending in July, compared to two in June. Inventory fell by two units to end July with 13, a supply of about 11 months. 58% of Atherton’s homes available for sale were priced at $10 million-plus, as were about a third of pending sales.