- Sales jump
- Inventory stays low
- Bulk of inventory over $5 million
- Prices firm
The Atherton real estate market broke out of the holding pattern it has been in with big jumps in pending and closed sales in March. The strong demand kept inventory low, particularly on the lower end. Sales were strong across market segments. Price indicators rose and homes sold for more than their list price on average. Homes that were priced appropriately sold quickly, with the average days on the market at on 28 in March.
Pending sales jumped from three in February to 14 in March, the most here in years. Closed sales also spiked, from two in February to nine in March. That was the most closed sales since September of last year. New inventory came on the market but barely enough to keep up with the demand. 32 properties were actively listed at the end of March, one more than at the end of February and six more than a year ago. The high level of pending sales dropped the available supply relative to pending sales to only 2.3 months at the end of March, the lowest level since December 2014. At the end of February, there was a 10 month supply and one year ago, the supply was over four months.
March’s median sales price was $4.6 million, up from $4.3 million in February but well off the level of a year ago. With the wide range of properties available and the low number of sales, price indicators can be very volatile here, depending on the mix of sales. The price per square foot in March was $1,396 which was $50 higher than in February and $137 higher than a year ago. The average sale was for 101% of the list price, down slightly form 102% in February but ahead of March 2015’s 97%.
March’s closed sales were on the market an average of 28 days, a little more than half the time February’s sales were listed (54). One year ago, homes were on the market for 60 days, on average.
Analysis by Price Range
Homes priced under $3 million are in high demand in Atherton. Four such homes were actively listed at the end of March, unchanged from February. Those four homes were 12.5% of the total inventory and represented a two month supply. Two sales went to contract in category during March, the first time in three months there were any sales. 14% of Atherton’s sales were priced under $3 million.
Six homes priced from $3 million to $4,999,999 were available for sale at the end of March, one more than at the end of February. Pending sales increased from two in February to four in March. That dropped supply from 2.5 months at the end of February to 1.5 months at the end of March. 19% of Atherton’s inventory at the end of March and 29% of pending sales during the month were in this price range.
Four sales priced from $5 million to $9,999,999 went to contract in March, the first time in four months there were sales in this segment. Inventory still increased by one unit to end March at nine, representing a 2.25 month supply. This category accounted for 28% of Atherton’s inventory and 29% of pending sales.
The number of homes actively listed in the $10 million-plus segment has been ticking downward by one or two units since November and March was no exception. Inventory fell from 14 homes at the end of February to 13 at the end of March. Pending sales, on the other hand jumped form one in February to four in March. That dropped supply from 13 months at the end of February to 3.25 months at the end of March. This segment made up 41% of inventory and 29% of pending sales.