Atherton real estate

Atherton Market Conditions September 2014

  • Price indicators mixed
  • But median sales price highest in years
  • Pending sales increase – especially for $5 million to $10 million homes
  • Inventory up a little

Pricing indicators in the Atherton real estate market were mixed in September, with the median sales price shooting way up but the average price per square foot and ratio of sales price to list price falling.  Pending sales increased while closed sales were flat.  Pending sales of homes priced from $5 million to $10 million were at their highest in at least two years.

The low number of closed sales continues to contribute to the volatility of price statistics here.  However, September’s median sales price of $6.8 million was the highest in at least four years.  September’s median sales price was 39% or $1.9 million higher than August’s $4.9 million and nearly 150% or $4.05 million higher than a year ago when it was $2.75 million.

The average price per square foot in September was $1,091, which was 18% or $236 lower than August’s $1,327.  September’s price per square foot was still 11% or $109 higher than a year ago ($982).  The average sale in September was for 99% of the list price, compared to 105% in August.  August was, however, the highest ratio here in years.  One year ago, the ratio was 95%.  This statistic has been over 100% for nine of the past twelve months.  However, it has also been below 100% for two fo the past three months.

 

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Six sales close in September, the same as in August and four less than a year earlier.  Only February had fewer closed sales (five) in the past twelve months.

 

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Ten sales went pending in September, up from six in August and nine a year earlier.  Inventory increased by three units to 28 at the end of September, a 12% increase from August’s 25.  There were, however, 17 fewer properties on the market at the end of September than there were a year ago, a 30% decline.  September ended with 2.8 months of inventory available relative to pending sales, down from 1.2 months at the end of August and 4.4 months a year ago.

 

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Homes were listed for an average of 82 days in September, up 27 days (50%) from 54 in August.  Homes were listed for 74 days one year ago.

 

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Analysis by Price Range

 

The inventory of homes priced under $3 million fell from three at the end of August to two at the end of September.  September’s inventory matched the total from a year ago.  Pending sales increased from one in August to three in September, which was one more than in September 2013.  That left only 0.7 months of inventory in this segment at the end of September, down from 1.2 months at the end of August.  7% of Atherton’s inventory and 30% of its pending sales were priced under $3 million.

 

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Two sales of homes priced from $3 million to $4,999,999 went pending in September, the same number as in August, as well as a year ago.  September ended with four properties actively listed in this price range, one more than at the end of August but two less than a year earlier.  2.0 months of inventory was on the market at the end of September, up from 1.5 months at the end of August but lower than the 3.0 months available at the end of September 2013.  This segment accounted for 14% of Atherton’s inventory at the end of September and 20% of the sales that went pending during the month.

 

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Pending sales of homes priced from $5 million to $9,999,999 jumped from one in August to five in September, the most in this price range in at least two years.  Inventory also increased in this segment, from eight at the end of August to 10 at the end of September.  13 homes were actively listed a year ago.  The increase in pending sales dropped inventory relative to sales from 8.0 months at the end of August to 2.0 months at the end of September.  50% of Atherton’s pending sales were in this segment, as was 38% of its inventory.

 

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Twelve homes priced at $10 million-plus were activly listed at the end of September, one more than a the end of August.  That was 43% of Atherton’s total.  No sales went to contract in September, compared to two in August.

 

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