- Demand still very strong
- Inventory still very low
- Prices strengthen after two relatively softer months
- Days on market only 17 days
After a couple of months where the median sales price fell and homes sold for less than their asking price (on average), The Atherton real estate market firmed up a bit in June. The median sales price increased a little and homes sold for an average of 102% of their list price. Inventory remained low and sales continued at about the same pace they have been on the past few months. Avery noticeable change was that June’s sales were on the market an average of only 17 days, which was the shortest time on the market in years here.
June’s median sales price of $4,850,000 was only $40,000 higher than May’s $4,810,000. The price per square foot fell from $1,389 in May to $1,203 in June, a decline of 13%. It was still 24% higher than a year ago. The average sale in June was for more than 102% of the list price, up from 99% in May but below June 2014’s 103%.
Closed sales increased by one, from eight in May to nine in June. There were also nine closed sales a year ago.
Pending sales increased from eight in May to 13 in June and nine a year earlier. Inventory fell five units, from 24 in May to 19 at the end of June. June’s inventory was half the level of a year ago. June ended with a 1.5 month supply relative to pending sales, compare to 3.0 months at the end of June and 4.2 months a year ago.
Properties were listed for an average of 17 days in June, compared to 105 days in may and 24 days in June 2014.
Analysis by Price Range
While there were no homes actively listed for less than $3 million at the end of June, three sales did go to contract in this segment during the month. Two properties were on the market at the end of May and six one year ago. Two sales went to contract during May and five in June 2014 in this segment. Compared to June’s zero inventory, there was a one month supply at the end of May and 0.67 months a year earlier.
In the $3 million to $4,999,999 price range, three homes were for sale at the end of June and three sales went pending during the month. Inventory was off two units from five at the end of May, while sales increased one from May. The result was a cut in inventory relative to pending sales from 2.5 months at the end of May to 1.0 month at the end of June. 23% of Atherton’s sales were in this category in June.
Four homes were actively listed in the $5 million to $9,999,999 price range at the end of June, one less than at the end of May. Four sales went pending during June, one less than in May. That left a 1.0 month supply at the end of May, down from 1.67 months at the end of June. 16% of Atherton’s inventory at the end of June was in this price range, as were 23% of its pending sales during the month.
There were 12 properties priced at or above $10 million at the end of June, unchanged from May. That was 63% of Atherton’s total homes for sale. Three sales went to contract in June, up from one in May. June’s sales were 23% of the total. Inventory was cut from 12 months to four.