Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
Our most recent post provided a mid-year 2016 real estate market update on Palo Alto. Today’s post focuses on Menlo Park. The Menlo Park real estate market continues to demonstrate strength and stability.
Number of Sales
During the first half of 2016 152 single-family homes sold, compared to 149 for the same period of time in 2015.
Median Sales Price
The Median Sales Price rose to $2,242,500, up from the 2015 year-end Median Sales Price of $2,025,000.
Average Days to Sell
The Average Days to Sell remains stable at 20 days year-to-date.
Sales Price to List Price Ratio
The year-to-date Sales Price to List Price ratio is 107.12%, down from 109.22% for the same period in 2015.
The above ratio is based on the list price at the time of sale. Not reflected in the above ratio is that 17 of the homes sold during the first half had price reductions prior to selling.
The market remains strong with highly qualified buyers who are attracted to Menlo Park. Well-priced homes are selling quickly at prices close to or in excess of the list price. While many homes continue to sell in multiple offers, not all are attracting this level of interest. This presents an opportunity for buyers who are relying on institutional financing and who were unable to compete with “all cash” buyers.
Looking ahead at the year we expect the same strong market trends to continue. Buyers are attracted to Menlo Park’s wonderful community, beautiful neighborhoods, the outstanding public schools and the proximity to Stanford University.
You may access detailed and accurate statistics for your neighborhood through our website, and if you would like an opinion of value on your home, please do not hesitate to contact us. It would be a pleasure to be of service to you.