Heading into autumn, the Menlo Park real estate market continues to hold up pretty well during what is normally a slowing period. Inventory did increase during September but pending sales held steady. Price indicators were mixed with the median sales price and price per square foot increasing, while the sales price to list price ratio fell. September was the second straight month and third out of the last five months that the median sales price was below the level of a year earlier.
September’s median sales price of $1,780,000 was 11% higher than August’s $1,610,000 but 12 below September 2015’s $2,036,000. It was the second straight month that prices were below year-ago levels. The price per square foot, on the other hand was higher in September ($1,141) than in either August ($1,095) or September 2015 ($1,065). On average, homes sold for 101.6% of their asking price in September, down from 103% in August and 106% a year ago.
INVENTORY AND SALES
Thirteen homes were added to inventory during September, increasing the supply from 57 at the end of August to 70 at the end of September. That compares to 54 properties for sale a year ago. 29 sales went pending during September, one more than in August and four more than in September 2015. Supply relative to pending sales increased from 2.0 months at the end of August to 2.4 months at the end of September. That was below September 2015’s 2.6 months. 23 sales closed during September, two more than in either August of this year or September of last.
DAYS ON MARKET
While time on the market declined from 33 days in August to 26 days in September, the longer term trend is up. One year ago, homes were listed for an average of 22 days. Through September, properties have been on the market an average of four more days this year than last. That is not a big change but the direction is clear.
Inventory and Pending Sales by Price Range
Under $2 Million
Homes priced under $2 million saw a big spike in inventory during September, from 26 at the end of August to 40 at the end of September. Those 40 homes were 57% of the total supply. Pending sales increased for the second straight month in this segment, from 14 in August to 17 in September. That was 59% of all sales here. A 2.3 month supply was on the market at the end of September, up from 1.9 months at the end of September.
$2 Million to $2,999,999
15 properties priced from $2 million to $2,999,999 were actively listed at the end of September, three more than at the end of August. Six sales went to contract in September, two more than in August. Supply fell from 3.0 months at the end of August to 2.5 months at the end of September. 21% of Menlo Park’s sales and inventory were in this price range.
$3 Million and Above
The inventory of homes priced over $3 million fell by four units during September to end the month at 15, making up 21% of the total. Pending sales also fell by four units, from 10 in August to six in September. Those six sales were 21% of total sales. Supply stood at 2.5 months at the end of September, up from 1.9 months at the end of August.
Check out these other Real Estate Market Conditions Reports for September 2016: