Menlo park real estate

Menlo Park Market Conditions June 2015

  • Pending sales increase for fifth straight month
  • Inventory low
  • Price per square foot at all-time high – again
  • Homes sell for average 112% of list price

The result of low inventory and high demand is always going to be higher prices and that continued to be the case in Menlo Park in June. The price per square foot was at an all-time high and the sales price to list price ratio was near its record. Sales continued to climb and inventory was low. Homes do not stay on the market long here; an average of only two weeks.

The price per square foot in June was $1,185, $5 higher than May’s already record high. A year ago, the price per square foot was $232 less. On average, homes sold for 111.9% of their list price in June, up from 111% in May and less than a half of a percent below March’s record of 112.3%. June’s median sales price was $2,007,500, $75,000 higher than in May and $103,275 (5%) higher than a year ago.

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32 sales closed in June, three less than in May and ten less than in June 2014.

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Pending sales increased for the fifth straight month. 48 sales went to contract in June, up from 35 in May and six more than a year earlier. 38 homes were for sale at the end of June, down from 60 at the end of May. A 0.8 month supply relative to ending sales was on the market at the end of June, down from 1.7 months at the end of May.

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Homes were listed for only 14 days during June, unchanged from May. One year ago, homes were listed for an average of 16 days.

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Analysis by Price Range

The market for homes priced under $1 million did not change much from May. Six properties were actively listed in this category at the end of June, compared to seven at the end of May. Four sales went pending during June, one less than went pending in May. A 1.5 month supply was available at the end of June, little changed from May’s 1.4 months. 16% of Menlo Park’s inventory and 8% of its pending sales were priced below $1 million.

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12 properties were for sale in the $1 million to $1,999,999 price range at the end of June, less than half of May’s 25. Pending sales increased from 15 in May to 24 in June. That cut the supply from 1.7 months at the end of May to two weeks at the end of June. This price range made up 32% of Menlo Park’s inventory at the end of June and 50% of its pending sales during the month.

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20 homes were actively listed in the $2 million-plus market segment, accounting for just over half of the city’s total. 20 sales went to contract in June, 42% of Menlo Park’s total. Supply was cut from 1.9 months at the end of May to 1.0 month at the end of June.

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