- Sales strong
- Inventory increases
- Prices steady
- Pricing critical
More homes are for sale in Menlo Park and buyers have been taking advantage. Both pending and closed sales remained strong in April and were virtually flat from March. Pricing is critical in this market, with homes that are priced below where they “should be” receiving multiple offers and selling in about a week. Other properties, priced less aggressively stayed on the market longer – about one month. Buyers have more options and while they have been busy looking; they have also been more selective.
The median sales price in April was $2,345,000, down 3.3% or $80,000 from $2,425,000 in March but 19% higher than April 2015’s $1,965,000. The average sale in April took 13 days and was for 107% of the list price. In March, those numbers were 19 days and 107%, respectively. The price per square foot was virtually unchanged from March at $1,133, compared to $1,129 a year ago.
Closed sales increased by one from March to 29 in April. That was on par with April 2015’s 30 sales.
Pending sales also increased by one unit to 30 during April, which were two more than a year ago. Inventory increased by 12 homes to end April with 58 homes for sale. That was also four more than at the end of April 2015. A 1.9 month supply relative to pending sales was on the market at the end of April, up from 1.6 months at the end of March and equal to a year earlier.
Sales in April closed in an average of 13 days, compared to 19 days in March and 11 days in April 2015.
Analysis by Price Range
28 properties priced below $2 million were on the market at the end of April, five more than at the end of March. 15 sales went to contract during April, the same as in March. That bumped supply relative to sales from 1.5 months at the end of March to 1.9 months at the end of April. This is the biggest market segment in Menlo Park, accounting for 48% of inventory and 50% of pending sales.
Eight sales of homes priced from $2 million to $2,999,999 went pending in April, one less than in March. April’s sales in this price range were 27% of all sales in Menlo Park. Inventory increased by two units to end April with 15, 26% of the City’s total. Supply increased from 1.4 months at the end of March to 1.9 months at the end of April.
The $3 million-plus segment was the only one to increase sales in April and had the biggest increase in inventory. Pending sales increased from five in March to seven in April. Inventory was up five units to end April with 15. Supply relative to sales was little changed at 2.1 months. 26% of inventory and 23% of pending sales were in this category.