- Status quo
- Inventory up a little
- Pending sales flat
- Prices steady
- Half of inventory is over $10 million
As we approach summer, the Atherton real estate market has been pretty strong. Inventory has continued to climb and while buyers are out there, they are far less aggressive than they were at this time last year, or even six months ago. Prices remain stable, and sales steady. The upper end of the market continues to dominate inventory, with nearly half of all homes actively listed priced over $10 million.
The inventory of homes for sale increased by four units in May, ending the month with 43. That is 17 more than were on the market a year ago. Pending sales were unchanged from April at ten, which was two more than in May 2015. A 4.3 month supply relative to pending sales was on the market at the end of May, up from 3.9 months at the end of April and 3.25 months a year earlier. Nine sales closed during may, one more than in April.
May’s median sales price was $7.1 million. That was $362,500 higher than last month and $2.3 million higher than a year ago. However, with the low number of sales here in a given month, median and average prices can be very volatile and do not necessarily mean much month to month. The price per square foot moved up slightly, from $1,437 in April to $1,465 in May. That was $76 higher than a year ago. The sales price to list price ratio was virtually unchanged from April, as well as May 2015 at about 99%.
The average closed sale in May was on the market for 53 days, compared to 43 days in April and 105 days a year ago.
Analysis by Price Range
The inventory of homes priced under $3 million increased by one unit to end May with five. Pending sales were unchanged at one. That meant a five month supply was on the market at the end of May. This segment accounted for 12% of Atherton’s inventory and 10% of pending sales.
30% of pending sales during May and 14% of inventory at the end of the moth were priced from $3 million to $4,999,999. Six properties were actively listed in this price range at the end of May, one less than at the end of April. Three sales went to contract during May, one more than in April. That cut the relative supply from 3.5 months at the end of April to 2.0 months at the end of May.
Eleven homes priced from $5 million to $9,999,999 were actively listed at the end of May, accounting for 26% of Atherton’s total. That was three more than were available at the end of April. Three sales went pending in this price range, thirty percent of all pending sales. A 3.7 month supply was on the market at the end of May, up from 2.0 months at the end of April.
The $10 million-plus market segment accounted for 49% of Atherton’s inventory at the end of May, while 30% of pending sales were in this price range. 21 homes were on the market at the end of May, one more than at the end of April. Three sales went to contract in May, the same as in April. That left a seven month supply at the end of May.