- Pending sales continue to climb
- Inventory continues to fall
- Median sales price down after setting high in September
- Sales price to list price lowest of year (but still over 105%)
- Closed sales double
Pending sales of single family detached homes in Menlo Park rose for the third straight month, while inventory fell for the fifth month in a row. Closed sales were higher than in any month this year, except July. Price indicators were mixed.
The median sales price in October was $1,807,500, which was 30% or $758,500 lower than September’s $2,566,000. Note that September’s price was the highest in years and that low sales numbers create average price volatility. October’s median sales price was still 10% or $170,500 higher than a year ago ($1,637,000).
The average price per square foot increased $65, from $969 in September to $1,034 in October, a 7% rise. It was also 14% or $125 higher than October 2013’s $909. October’s closed sales received 105.3% of their list price, down from 108% in September. October was the lowest this ratio has been since December’s 103%. One year ago, it was 107%.
After falling the past two months, closed sales came roaring back in October with 43, compared to 21 in September and 37 one year ago.
42 sales went to contract in October, six more (17%) than September’s 36 and 13 more (33%) than October 2013’s 29. Pending sales have increased for four consecutive months and October had the second most sales of any month this year (46 sales went pending in June). 20 properties were actively listed at the end of October, five less (20%) than September’s 25 and 21 less (51%) than October 2013’s 41. Inventory has fallen for five straight months. There was about two weeks of inventory on the market at the end of October, compared to 0.7 months at the end of September and 1.4 months a year ago.
Homes were on the market an average of 19 days in October, two more days than in September and just about equal to the 20 day average for the year. A year ago, homes were listed for an average of 16 days.
Analysis by Price Range
Both inventory (three properties) and pending sales (seven sales) were unchanged from September. A year ago, there were three and six, respectively. There was a 0.4 month supply at the end of October. 15% of inventory and 17% of pending sales were priced under $1 million.
21 sales of homes priced from $1 million to $1,999,999 went pending on October, nearly double September’s 11. 14 sales went to contract a year ago. Inventory in this segment dropped by a third, from nine at the end of September to six at the end of October. There were 18 pending sales during October 2013. Inventory relative to pending sales fell from 0.8 months at the end of September to 0.3 months at the end of October. This price range accounted for 30% of Menlo Park’s inventory at the end of October and 50% of the sales that went pending during the month.
Both the inventory and number of pending sales of homes priced at or above $2 million decreased in October. Inventory fell by two units to end October with 11. 14 sales went to contract in October, four less than in September. A 0.8 months’ supply of inventory was on the market at the end of October, up slightly from 0.7 months at the end of September. 55% of inventory and 33% of pending sales were in this segment.