Menlo park real estate

Menlo Park Market Conditions September 2014

  • Market still hot
  • Pending sales up, inventory down
  • Median sales price highest in at least four years
  • Homes on market only 17 days

The real estate market in Menlo Park showed no signs of slowing down in September.  All indicators of price moved higher, pending sales were their highest since June and inventory fell for the fourth consecutive month.  Homes were on the market for an average of only 17 days, the fewest since 14 days in June.

September’s median sales price was $2,566,000.  That was the highest it has been in at least four years.  It was a 48% increase from August’s $1,738,000, an increase of $828,000.  That was an increase of over $1 million or 75% from a year ago ($1,475,000).

The average price per square foot increased $40 or 4%, from $929 in August to $969 in September.  One year ago, the average price per square foot was $853.  The average sale in September was 108% of the list price, up from 106% in August and about the same as a year earlier.

 

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Closed sales fell from 34 in August to 21 in September, a 38% decline.  September still had five more closed sales than a year ago when there were 16.

 

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Pending sales increased by three, from 33 in August to 36 in September.  That was the most since there were 46 in June.  One year ago, there were 29.  Inventory fell for the fourth consecutive month, from 27 at the end of August to 25 at the end of September.  That was the lowest inventory level here since April when there were 21.  Inventory relative to pending sales fell slightly from 0.8 months at the end of August to 0.7 months at the end of September.   There was a 1.2 month supply a year ago.

 

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After climbing for three months, the number or days homes were on the market fell to 17 days in September.  Properties were listed for an average of 33 days in August and 25 days a year ago.

 

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Analysis by Price Range

The inventory of homes priced under $1 million fell by one unit, while pending sales increased the same amount.  September ended with three homes actively listed in this segment.  Seven sales went pending during the month.  0.4 months of inventory were available at the end of September, down from 0.7 months at the end of August and 0.6 months a year ago.  12% of Menlo Park’s inventory and 19% of its pending sales were priced under $1 million.

 

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Pending sales of homes priced from $1 million to $1,999,999 fell by five units, from 16 in August to 11 in September.  September was on par with September 2013’s 12 pending sales.  Inventory in this price range increased from six at the end of August to nine at the end of September.  Inventory relative to pending sales increased from 0.4 months at the end of August to 0.8 months at the end of September.  This price range made up 36% of Menlo Park’s inventory and 30% of its pending sales.

 

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18 sales of homes priced at $2 million-plus went to contract in September, seven more than in August.  September had 10 more sales than a year earlier.  Inventory fell four units from 17 at the end of August to 13 at the end of September, compared to 18 at the end of September 2013.  0.7 months’ supply of inventory was on the market at the end of September, down from 1.6 months at the end of August and 2.3 months a year ago.  52% of Menlo Parks’ inventory was priced at $2 million or more, as was 50% of pending sales.

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