- Prices set new highs
- Low inventory dampened sales
- Upper end sales jump
- Mid-tier homes increased inventory
Demand for single family detached homes in Menlo Park remained very strong in April, especially for higher priced homes. Most price indicators, including the median sales price, price per square foot and the sales price to list price ratio were their highest levels in over three years. Low inventory continued to keep sales lower than they probably would be otherwise.
The median sales price jumped 13% in April, from $1,750,000 in March to $1,975,000 in April, an increase of $225,000. That was the highest median sales price in over three years. April’s median sales price was also $200,000 higher than a year ago, when it was $1,775,000. The average price per square foot was up 10% ($89) in April, from $891 in March to $980. On average, homes closed for 110% of their list price in April, up from 107% in March and 109% a year ago.
28 sales closed in April, two more than in March but two less than a year ago. April was the third consecutive month with an increase in closed sales.
30 sales went into contract in April, two less than in March but 22 less than April 2013’s 52. Total inventory also declined, from 28 homes at the end of March to 21 at the end of April. That compares to 35 a year ago. Inventory relative to pending sales fell to 0.7 months at the end of April from 0.9 months at the end of March.
April’s closed sales were listed for an average of 23 days, five more than in March but the same as a year earlier.
Analysis by Price Range
Both inventory and pending sales of homes priced under $1 million fell in April. Three homes were actively listed in this segment at the end of April, half the number at the end of March. Five sales went into contract during April, down from nine during March. Inventory relative to pending sales fell a little from 0.7 months at the end of March to 0.6 months at the end of April. 14% of Menlo Park’s inventory and 17% of pending sales were in this segment.
The inventory of homes in the $1 million to $1,999,999 range nearly doubled, from five at the end of March to nine at the end of April. 11 sales went into contract in this price range during April, three less than in March. That increased inventory relative to pending sales from 0.4 months at the end of March to 0.8 months at the end of April. This price range accounted for 42% of Menlo Park’s inventory at the end of April and 37% of the sales that went pending during the month.
14 homes priced at $2 million or more went pending in April, up from nine in March. Inventory was nearly cut in half, from 17 at the end of March to nine at the end of April. The result was a drop in inventory relative to pending sales form 1.9 months at the end of March to 0.6 months at the end of April. 43% of Menlo Park’s inventory and 47% of pending sales were priced at $2 million-plus.