Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
We are several weeks into 2020 and we are noticing renewed activity in all the communities where we work. This is a great time to be a buyer as the market is more balanced and interest rates remain attractive.
Our annual review of the Menlo Park real estate market follows.
2019 Market Review for Menlo Park
The number of Single Family Residential (SFR) sales reported to the Multiple Listing Service in 2019 increased from 290 in 2018 to 335 in 2019. The high sale for 2019 was $10,700,000, 1177 Johnson Street with 6,611 sq. ft. of living space and a lot size of 29,520 sq. ft. (Source: MLSListings.com)
While the market remains healthy, indicators point to softening trends:
Number of Homes Sold
The number of homes sold in 2019 rose to 335, up from 290 in 2018. The graph below shows the number of sales by quarter and, consistent with prior years, more homes sold during the second quarter of the year.
Sale Price to List Price Ratio
For 2019 the annual Sale Price to List Price Ratio decreased to 102.1% down from 107.6% in 2018. On a monthly basis, it remained lower than most months in prior years, an indication of a more settled market.
Rarely in Menlo Park’s strong-performing real estate market have sellers needed to reduce list prices in order to get their homes sold, but last year was an exception. The red line on the graph below shows the Sale Price to Original List Price Ratio while the blue line shows the ratio of the Sale Price to List Price at the time of sale.
Median Sale Price
The Median Sale Price for single-family homes declined to $2,400,000 in 2019, down from $2,600,000 in 2018.
10 YEARS AGO
The start of a new decade seems like a good time to look back at market trends 10 years ago.
|# of Homes Sold||313||335|
|Median Sale Price||$1,065,000||$2,400,000|
|Days on Market||64||26|
|Sale Price to List Price Ratio||98.0%||102.1%|
Menlo Park is a wonderful community to call “home,” and while the market in 2019 was softer, homeowners there continue to benefit from a long-term strong real estate market.
Please do not hesitate to contact us if you are in need of professional real estate services. We would be delighted to help you.