- Market remained hot
- But pending sales fell 33% – led by $3 million+ homes
- Inventory flat
The real estate market in Menlo Park, while staying hot, was not quite as hot as it was in June. The median sales price was virtually flat and sales prices remained above 105% of the list price. Closed sales increased from June but pending sales decreased sharply and inventory was largely unchanged.
July’s median sales price was $1,900,000, only $4,225 below June’s price but 23% or $430,000 higher than a year ago. Over the past twelve months, the monthly median sales price has been, on average, 31% higher than a year earlier. The average price per square foot visited the $1,000+ territory in June but fell back $975 in July. That was still 14% or $119 higher than July 2013’s $856. Homes sold for 105% of their list price in July, down from 108% in June. This ratio has been below 105% only twice in the 18 months.
45 sales closed in July, up three from 42 in June. 47 sales closed in July 2013.
Pending sales fell 33%, from 46 in June to 31 in July. July’s pending sales were also two units less than a year ago. Inventory fell by one property to 28 at the end of July. That was eight more homes than were on the market in July 2013 (39). Inventory relative to pending sales increased from 0.6 months at the end of June to 0.9 months at the end of July.
Homes were listed for an average of 22 days in July, up from 14 days in June but lower than July 2013’s 29 days.
Analysis by Price Range
Three homes priced under $1 million were actively listed at the end of July, unchanged from June. Five sales went to contract in this segment during July, three fewer than in June. That combination increased inventory to 0.6 months at the end of July from 0.4 months at the end of June. 11% of Menlo Park’s inventory and 16% of its pending sales were priced below $1 million.
12 properties were on the market in the $1 million to $2,999,999 price range at the end of July, two more than at the end of June. Pending sales fell from 17 in June to 15 in July. Inventory relative to pending sales increased from 0.6 months at the end of June to 0.8 months to the end of July. This price range accounted for 43% of Menlo Park’s inventory at the end of July and 48% of its pending sales during the month.
Homes priced over $3 million made up 46% of Menlo Park’s inventory and 36% of its pending sales. Pending sales were cut by more than half, from 21 in June to 11 in July. Inventory fell from 16 homes at the end of June to 13 at the end of July. 1.2 months of inventory was available in this segment at the end of July, up from 0.8 months at the end of June.