Menlo Park Market Update April 2015
- Pending sales surge
- Homes selling for 110% of list price
- $1 million – $2 million homes drive market
- Homes on market for only 11 days
The Menlo Park real estate market continued its sizzling hot ways in April, with a surge in pending sales. Homes did not stay on the market long here and sold for well over their list price. Homes in the $1 million to $2 million range drove the market in April with pending sales nearly tripling from March.
The median sales price fell from its near record high in March of $2.4 million to $1,965,000 in April. That is largely due to the huge number of sales in the $1 million to $2 million segment. A year ago, the median sales price was $1.9 million. The price per square foot increased $31, from $1,098 in March to $1,129 in April. That is the highest price per square foot in at least five year and most likely is a record for the city. Sellers continued to get more than they were asking for their homes in April, with the average sales price being 110% of list. That’s off March’s high of 112% and was equal to the ratio of a year earlier.
30 sales closed in April, up six from 24 in March and four more than in April 2014.
Pending sales were up 83%, from 23 in March to 42 in April. That compares to 28 a year ago. 36 properties were actively listed at the end of April, two less than at the end of March and 16 less than in April 2014. A 0.9 month supply was available at the end of April, down from 1.7 months at the end of March and 1.9 months a year earlier.
The average length of time homes were on the market in April was only 11 days, the fewest in at least five years. By comparison, homes were listed for 19 days in April and 15 days a year ago.
Analysis by Price Range
Only three homes were actively listed for less than $1 million at the end of April, down one from March but ten less than at the end of April 2014. Only 8% of Menlo Park’s available homes for sale were in this segment. Five sales went to contract (12% of total sales), one more than in March. That cut supply form 1.0 month at the end of March to 0.6 months at the end of April.
55% of Menlo Park’s pending sales in April and 47% of its inventory at the end of the month was in the $1 million to $1,999,999 price range. 23 sales went pending in April, nearly triple March’s eight. Inventory slipped one unit to end April with 17. A 0.7 month supply was available at the end of April, down sharply form 2.25 months at the end of March.
In the $2 million-plus segment, inventory was flat and sales increased. 16 homes were on the market at the end of April, 44% of the total. Pending sales increased by three to 14, representing 33% of the city’s total. Supply relative to sales fell from 1.5 months at the end of March to 1.1 months at the end of April.