- May looked a lot like April – no big changes
- Inventory and sales virtually flat
- Homes sold for 103% of list price, on average
- Day on market still low at 24 days
The real estate market in Atherton had no big changes in May. Inventory and pending sales each fell by one unit. The median sales price increased sharply but the sales numbers are low here and the wide price range makes this number subject to big swings. I think it is significant that homes were again on the market for a short period of time. After falling to 17 days in April, this statistic increased to 24 days in May, which is still low.
The median sales price in May was $4,175,002, which was $900,002 or 28% higher than April’s $3,275,000. May’s median price was also $600,000 or 17% higher than May 2013’s $3,449,000. The average sale during May was for 103% of the list price, just a tick below April’s 104%. That was still below the 107% of list that homes sold for one year ago. The average price per square foot rose from $992 in April to $1,143 in May, an increase of $151 or 15%. One year ago, the average price per square foot was $913.
14 sales closed in May, three more than in April and two more than a year earlier. May was the third straight month with double digit closed sales.
10 sales went pending during May, one less than in April but one more than a year ago. Inventory fell by one unit to end May with 27. One year ago, 48 properties were actively listed, 21 more than at the end of May 2014. Inventory relative to pending sales was little changed, from 2.6 months at the end of April to 2.7 months at the end of May. One year ago, 4.4 month’s supply was available.
May’s closed sales were on the market an average of 24 days, seven more than in April. 24 days is still a short time here. One year ago, homes were listed for an average of 33 days and for the past twelve months, the average was 71 days.
Analysis by Price Range
Not much changed in the market for homes priced under $3 million. Four sales went into contract during May, the same as in April. Three homes were actively listed at the end of May, unchanged from April. Three weeks of inventory was on the market relative to pending sales at the end of May, the same as at the end of April. 40% of Atherton’s pending sales during May and 11% of its inventory at the end of the month were in this segment.
Two properties were actively listed in the $3 million to $4,999,999 price range, up from zero in April. Two sales went pending in this price range during May, half the number from April. That left one month’s supply available. Homes in this market segment made up 20% of Atherton’s pending sales and 7% of its inventory.
Both ending inventory and the number of sales that went into contract were unchanged for homes priced from $5 million to $9,999,999. 15 properties were actively listed at the end of May and two sales went into contract during the month, the same as in April. 7.5 months of inventory relative to pending sales were on the market at the end of May. 56% of Atherton’s inventory at the end of May and 20% of its pending sales during the month were in this price range.
Three fewer homes priced at $10 million and up were available at the end of May (seven) than at the end of April (10). Two sales went pending during May, one more than in April. This segment accounted for 26% of Atherton’s inventory and 20% of it’s pending sales.