Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
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:
As noted above, low inventory continues to characterize the market.
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.
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.
The Median Sales Price continued to climb in 2016.
The graph below shows data since 2012.
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.
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.
Our goal is to flawlessly serve our clients with integrity, expertise, compassion and a sense of humor to help them through the rigors of a residential real estate transaction. Please let us know if we can be of support to you. It would be our pleasure!