- Median sales price falls from September (abnormal) high
- Other price indicators up slightly
- Closed sales remain in single digits
- Pending sales flat
- High end inventory down
The median sales price of a single family detached home in Atherton fell from what was an abnormally high level in September but other price indicators increased. Both closed and pending sales rose only slightly, while inventory dipped.
The median sales price in October was $4,785,500, 30% or about $2 million lower than in September. However, September’s median sales price was abnormally high and the low number of sales here adds to volatility. That being said, the average monthly median sales price for the first 10 months of this year ($4,725,500) was about $500,000 higher than during the same period last year ($3,751,150).
October’s average price per square foot was $1,105, which was $14 or 1.3% higher than September’s $1,091 and $183 or 20% higher than October 2013’s $922. The average sales price to list price ratio was back over 100% in October, after dipping in September. October’s average sale was for 100.5% of the list price, up from 99.1% in September and 97.6% a year ago.
Eight sales closed in October, two more than in September but one less than a year earlier. There has been the exact same number of sales year-to-date (88) as there were during the first 10 months of 2013.
Eleven sales went ton contract in October, one more than in September, as well as a year ago. Inventory fell 29%, from 28 at the end of September to 20 at the end of October. One year ago, 35 properties were actively listed. The loss of inventory dropped the supply (relative to pending sales from 2.8 months at the end of September to 1.8 months at the end of October.
Homes were on the market an average of only 28 days in October, the shortest period of time since May’s 24. That compares with 81 days in September and 111 days in October 2013.
Analysis by Price Range
No properties were actively listed below $3 million at the end of October, down two from the end of September. There were also two properties available in this segment a year ago. Four sales went pending in October, one more than in September and equal to the number a year earlier. 36% of Atherton’s inventory was priced under $3 million.
The inventory of homes priced from $3 million to $4,999,999 was unchanged at four, compared to a year ago when here were six. Three sales went to contract during October, versus two in September and three a year ago. There was a 1.3 month supply at the end of October, down from 2.0 months at the end of September, as well as a year ago. This price range accounted for 20% of inventory and 27% of pending sales.
Six properties were actively listed in the $5 million to $9,999,999 more range at the end of October, down from 10 at the end of September. 14 homes were available a year ago. Four sales went to contract in October, one less than September’s five but one more than October 2013’s three. Supply relative to pending sales slipped from 2.0 months at the end of September to 1.5 months at the end of October. 30% of Atherton’s inventory was in this segment, as well as 36 of its pending sales.
50% of Atherton’s inventoyr was priced at or above $10 millino, while ther were no pending sales in this segment. There have been no sales go to contract in this price range for three of the past four months. 10 homes were activly listed at the end of October, two less than at the end of September and three less than a year ago.