Menlo park real estate

Menlo Park Market Conditions March 2014

  • Sales and inventory rise
  • Median sales price flat
  • Sales jump in under $1 million segment
  • High-end inventory increases

It was another strong month for real estate in Menlo Park, with sales and inventory increases being driven by different segments of the market. The median sales price was virtually flat from February but was above the level of a year ago for the tenth consecutive month.

The median sales price of a single family detached home in Menlo Park in March was $1,750,000, down slightly from $1,760,000 in February. That was still 23% higher ($330,000) than March 2013’s $1,420,000. The average price per square foot fell 7% in March, from $961 in February to $891. February was up 20% from January and was abnormally high. March’s closed sales received 107% of their average asking price, up from 106% in February and 105% a year earlier.

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Closed sales increased 53% or nine homes in March, from 17 in February to 26 in March. March was still 26% below the sales of a year ago, when 35 sales closed.

Menlo Park-Market Conditions-March-02

Sales that went pending increased from 24 in February to 32 in March, an increase of 33%. Sales still lagged the level of a year ago by one sale. Inventory relative to pending sales dipped to 0.9 months at the end of March from 1.0 month at the end of February.

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Days on market increased from 15 in February to 18 in March. A year ago, homes were on the market for 20 days.

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Analysis by Price Range

Nine homes priced under $1 million went into contract in March, an increase of seven from February and the most since June of last year. Inventory was unchanged at six. The spike in sales dropped inventory relative to pending sales from 3.0 months at the end of February to 0.7 months at the end of March. This segment accounted for 21% of Menlo Park’s inventory at the end of March and 28% of its sales that went into contract during the month.

Menlo Park-Market Conditions-March-05

The market for homes priced from $1 million to $1.999 million was pretty steady from February to March. 14 sales went pending during March, unchanged from February. Inventory dropped two units to five at the end of March. That left only 0.4 months of inventory relative to sales that went pending, down from 0.5 months at the end of February. 44% of Menlo Park’s sales and 18% of its inventory were in this price range.

Menlo Park-Market Conditions-March-06

The inventory of homes priced at $2 million and up increased by seen homes in March, from 10 at the end of February to 17. That was 61% of Menlo Park’s total inventory. Nine sales went into contract in this segment during March, accounting for 28% of the city’s total. That was eight more sales than in February. Inventory relative to pending sales increased from 1.25 months at the end of February to 1.9 months at the end of March.

Menlo Park-Market Conditions-March-07