- Market remains hot but cools a little
- Sales and inventory little changed
- Prices down somewhat
- Homes on market longer
The Menlo Park real estate market remained hot in August but cooled a little from July. Pending sales increased a little and inventory fell by one unit. Pricing trends continued down but homes were still selling for well over the asking price. Properties were on the market longer for the second consecutive month.
The median sales price in August was $1,738,000, 8.5% ($162,000) lower than July’s $1,900,000. It was $278,000 or 19% higher than a year ago when the median price was $1,460,000. The average price per square foot also fell, from $975 in July to $929 in August, a 4.7% decline. A year earlier, the average price per square foot was $135 lower at $794. The average sale price in August was about 106%, little changed from July but well above the 104% a year ago.
Closed sales fell 24% in August, from 45 in July to 34. August’s ales were still six units higher than a year ago, when 28 sales closed.
33 sales went pending in August, two more (6%) than in July and 13 more (65%) than a year ago. Inventory slipped on unit from the end of July to 27 at the end of August. That was five less than was available a year ago. 0.8 months of inventory was on the market at the end of August, down from 0.9 months at the end of July and 1.1 month a year earlier.
The number of days that homes took to sell rose again in August, from 22 in July to 33. Homes were on the market twice as long in August as in June (14 days). A year ago, homes were available for 41 days.
Analysis by Price Range
Four homes priced under $1 million were actively listed at the end of August, one less than at the end of July. Six sales went to contract in August, one more than in July. Inventory relative to pending sales increased a little from 0.6 months at the end of July to 0.7 months at the end of August. 15% of Menlo Park’s inventory and 18% of its inventory was priced below $1 million.
The inventory of homes priced from $1 million to $1,999,999 was cut in half, from 12 at the end of July to six at the end of July. 16 sales went pending in this price range during August, one more than in July. That cut inventory relative to pending sales from 0.8 months at the end of July to 0.4 months at the end of August. This price range accounted for 49% of Menlo Park’s pending sales during August and 22% of its inventory at the end of the month.
Pending sales of $2 million-plus homes was unchanged at 11 in August. Inventory increased four units, from 13 at the end of July to 17 at the end of August. 1.6 months of inventory was available at the end of August, up from 1.2 months at the end of July. 63% of Menlo Parks’ inventory was in this segment, as was 33% of its pending sales.