Like the neighboring community of Palo Alto on which we reported a few days, ago, Menlo Park real estate continues to perform well. Sellers have benefitted by continued low inventory, and successful buyers have needed to be flexible and aggressive in order to prevail in multiple offer situations. There have been some signs of a shift in market conditions as detailed below, but the market remains healthy.
Here are some quick measures for single-family residences based on Multiple Listing Service data:
Number of Homes Sold
As noted above, low inventory continues to characterize the market.
- 2016: 296 homes sold (Lowest number in the past ten years)
- 2015: 315 homes sold
- 2006: 369 homes sold (Ten years ago)
The graph below shows the number of homes sold by quarter for the past 5 years, and demonstrates that the second quarter was the briskest in terms of number of homes sold.
Sales Price to List Price Ratio
Another characteristic of the Menlo Park market is the healthy Sales Price to List Price ratio. Many homes sold in multiple offers where buyers competed and presented sellers with compelling prices and terms.
The Sales Price to List Price Ratio for 2016 by month is shown on the graph below. For the year it averaged 103.9% down from 107.5% in 2015 and 106.9% in 2014.
Median Sales Price
The Median Sales Price continued to climb in 2016.
- 2016 Median Sales Price: $2,127,500
- 2015 Median Sales Price: $2,025,000
- 2006 Median Sales Price: $1,270,000 (Ten years ago)
The graph below shows data since 2012.
Average Days on Market
The Days on Market reflects the length of time between the date a home is entered into the Multiple Listing Service until the date the seller accepts a purchase contract. The Average Days on Market increased from 17 in 2015 to 25 in 2016.
Want More Details?
If you would like more detailed statistical information it is available in the Local Stats page of our website. You can access statistics for the entire county or your specific neighborhood.
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