Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
Here are some quick measures for single-family residences based on Multiple Listing Service data:
Number of Homes Sold:
The number of homes sold has been declining since 2005.
The graph below shows sales by quarter for the past five years and demonstrates that the most robust quarter is typically the second quarter, although the third quarter was equally strong in 2014 and 2015.
Sales Price to List Price Ratio:
Another characteristic of the Menlo Park market is the very healthy Sales Price to List Price ratio. Most homes were sold in multiple offers where buyers competed and presented sellers with compelling prices and terms.
The Sales Price to List Price Ratio for 2015 by month is shown on the graph below. For the year it averaged 107.5%, up from 106.9% in 2014.
Some Homes Did Not Sell
In spite of robust market conditions and an abundance of motivated buyers, some homes presented to the market in 2015 did not sell. Buyers continue to demonstrate price sensitivity by not offering on homes they perceive to be “overpriced”. Successful sellers recognized that to benefit from the favorable situation their list price, presentation strategy and market timing needed to generate interest from more than one buyer.
Per Multiple Listing data, approximately 24 Menlo Park homes marketed during 2015 did not sell.
Median Sales Price
The Median Sales Price continued to climb.
Average Days on Market:
The market continues to be very efficient. The Days on Market measure 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.
For 2015 the Average Days on Market was 19, compared to 21 in 2014.
Want More Detail?
If you own a home in Menlo Park and would like to know its market value, we would be delighted to prepare a complimentary opinion of value.
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