Menlo Park Market Conditions February 2015
- Inventory increases but is still low
- Pending sales inch up – remain suppressed by low inventory
- Sales to list price highest in at least a decade
- Median sales price falls
The inventory of homes for sales in Menlo Park increased form a ten year low but remained very low. All the increase came in the $1 million to $2 million price range. Pending sales increased a little in February but was also low. Price indicators were mixed, however; homes sold for over 110% of the average list price in February.
The median sales price fell in February from $2,325,000 in January to $2,065,000 in February, an 11% decline. February’s median was still 11% higher than a year ago. The sales price per square foot dipped slightly, from $1,084 in January to $1078 in February. That was $117 higher than February 2014’s $961. On a more positive note, February’s sales price to list price ratio of 110% was up sharply from 101% in January and was higher than at any time in at least ten years.
Closed sales increased by eight homes in February, from ten in January to 18 in February. 18 sales also closed in February 2014.
February ended with 14 homes actively listed, up five from the end of January but nine less than a year ago. Pending sales increased from 18 in January to 20 in February, three less than in February 2014. Inventory relative top pending sales increased a little, from 0.5 months at the end of January to 0.7 months at the end of February. One year ago, there was a one month supply available.
The average number of days on the market was 16 in February, down from an already low 19 days in January and matching February 2014.
Analysis by Price Range
Four sales of homes priced under $1 million went to contract in February, in spite of the fact that there was only one home for sale at the end of January and none at the end of February. Obviously, homes in this segment sell quickly. 20% of Menlo Park’s pending sales were priced under $1 million in February.
Month-end inventory in the $1 million to $1,999,999 increased from zero at the end of January to seven at the end of February. That was half of all inventory here. Pending sales fell by two units to six during February, accounting for 30% of total sales. A 1.2 month supply was on the market at the end of February.
Ten sales of homes priced at or above $2 million went to contract in February, three more than in January. Inventory fell by one home to end February with seven. That resulted in the available supply falling from 1.1 month at the end of January to 0.7 months at the end of February. This segment accounted for half of both inventory and pending sales.
