Menlo park real estate

Menlo Park Market Conditions July 2015

  • Median sales price up slightly
  • Other price indicators fall
  • Homes on market for 19 days, on average
  • Inventory remains low

The run up in home prices may be slowing in Menlo Park. Year-over-year median sales prices had averaged double digit percentage increases for over two years but that slowed to a 5% average for the past four months. The price per square foot, which had set record highs the past three months, fell nearly 9% in July. And while homes still sold well above their list price in July, it was the first month since January that they sold for less than 109.8% of their list price, on average.

The median sales price in July was $2,060,000, an increase of $45,000 or 2% from June’s $2,015,000. July’s median price was 8% higher than a year ago when the median price was $1.9 million. The price per square foot fell $102 (8.6%), from $1,189 in June to $1,087. That was still 28% or $240 higher than a year earlier. The average sale in July was for 107% of the list price, down from 111% in June but a little higher than the 106% of July 2014.

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Closed sales declined for the second straight month, from 33 in June to 26 in July, the fewest since March. 45 sales closed in July 2014.

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I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month. With that said, 21 homes were available for sale at the end of July, down from 56 at the end of June. 63 sales went pending in July, up from 33 in June.

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July’s sales were on the market an average of 19 days, up from 15 days in June and 17 days a year ago.

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Analysis by Price Range

Six homes priced under $1 million were on the market at the end of July, two less than at the end of June. Eight sales went pending during the month, up from two in July. That left a supply of about three weeks relative to pending sales. 29% of Menlo Park’s inventory and 13% of its pending sales wer priced below $1 million.

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In the $1 million to $1,999,999 price range, only four properties were actively listed at the end of July, down from 18 at the end of June. 23 sales went to contract in July, four more than in June. This price range accounted for 19% of inventory and 37% of pending sales.

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The inventory of homes price at $2 million and up decreased from 30 at the end of June to 11 at the end of July. Those 11 represented 52% of Menlo Park’s available inventory. 32 sales went to contract in July, accounting for 51% of the city’s total.

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