- Market surprisingly strong for this time of year
- Pending sales unchanged from September
- Closed sales fall
- Days on market down
- Inventory down
While we can feel the slower pace of autumn in the Menlo Park real estate market, the numbers were surprisingly strong for October. Demand has been somewhat spotty, however, with some areas seeing greater activity than others and lower priced homes being in greater demand. Price indicators were mixed but homes still sold for over 109% of their list price and were on the market for less time than the past two months. That shows that a properly priced and presented home will still get a lot of action.
The median sales price in October was $1.8 million, down 12% from $2,036,000 in September and just slightly lower than October 2014’s $1,807,500. It was the second consecutive month that the median sales price was lower than it was a year earlier. On the other hand, the price per square foot increased from $1,065 in September to $1,106 in October, a 4% increase. October was $197 (22%) higher than October 2014. On average, sales in October closed for 109% of their list price, up from 106% in September and 105% a year ago.
Closed sales declined for the third straight month. 22 sales closed in October, three less than in September. October’s sales were about half the level of a year ago when 43 sales closed.
The inventory of homes for sales fell by seven units in October, from 42 at the end of September to 35 at the end of October. Inventory was still below the level of a year ago, when 44 homes were available. Pending sales were unchanged from 20 in September. Inventory relative to pending sales fell from 2.1 months at the end of September to 1.75 months at the end of October.
Properties were on the market for an average of 19 days in October, three fewer days in than in September and seven less days than a year ago.
Analysis by Price Range
Only nine homes priced under $2 million were actively listed at the end of October, the fewest since December 2014’s seven. 15 of these homes were on the market at the end of September and 19 a year ago. 10 sales went to contract in this segment during October, one more than in September. Supply fell from 1.7 months at the end of September to 0.9 months at the end of October. 26% of Menlo Park’s inventory and half its sales were priced below $2 million.
Properties priced from $2 million to $2,999,999 accounted for 31% of inventory and 30% of sales. Inventory fell from 14 at the end of September to 11 at the end of October. Pending sales doubled from three in September to six in October. A 1.8 month supply of these homes was no the market at the end of October, down from 4.7 months at the end of September.
The inventory of homes priced at $3 million-plus increased by two units to end October with 15. Pending sales were cut in half to four in October. A 3.8 month supply was available at the end of October. This segment made up 42% of the city’s inventory and 20% of its pending sales.