Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
2014 Real Estate Market Highlights
Continuing our series of neighborhood reports, we are highlighting the 2014 real estate market trends for Menlo Park.
The Menlo Park real estate market continued its impressive performance in 2014!
Based on Multiple Listing Service (MLS) data, here are some of the key indicators for single family residential sales:
The total number of single family residential sales reported to the Multiple Listing Service (MLS) increased slightly to 351 sales in 2014 up from 341 in 2013 and the Median Sales Price rose to $1,769,000, up 17% over the 2013 Median Sales Price of $1,510,000.
Other favorable market trends include the Average Days on Market which decreased to 21 days down from 25 in 2013 and the annual Sales Price to List Price ratio which rose slightly from an average of 106.2% in 2013 to an average of 106.9% in 2014.
As noted in our earlier post, we are often asked by prospective sellers about market timing and the graph below illustrates the number of sales by quarter. Historically more sales (based on the close of escrow date) have occurred in the second quarter of the year as noted in the years 2009-2013. However, 2014 was an exception with the number of closed sales by quarter remaining fairly constant for the 2nd through 4th quarters.
Overall Market Observations
The high sale for the year was $8,000,000 and the low sale was $346,000. The high sale was a “private” transaction and the property was not marketed through the Multiple Listing Service.
It continues to be a great time to sell! Take advantage of the market cycles and contact us so we can help you plan your strategy and success. It would be a pleasure to be of service to you!…and, if you know of anyone who would like to buy or sell a home, we would be grateful for the referral.
Carol & Nicole