Is the Real Estate Market Half Empty or Half Full?
Like all things in life, this depends upon one's perspective. I thought it might be interesting to look at the data for the past twenty four months and compare Menlo Park City sales data overall with both the Allied Arts/Downtown Area and the Willows/Oconner Area.
Here is what the data indicates per MLS data.
Willows/Oconner Area. Aug 2006 to July 2007 75 new listings for the period with an average sales price in July 2007 of $1,187,000.
From Aug 2007 to July 2008 there were 59 new listings during this period with an average sales price in July 2008 of $1,446,000.
Allied Arts/Downtown Area. Aug 2006 to July 2007 46 new listings for this period with an average sales price in July 2007 of $1,406,000.
From Aug 2007 to July 2008 there were 39 new listing during this period with an average sales price in July 2008 of $1,350,000.
The City of Menlo Park had 562 new listings from Aug 2006 to July 2007 with an average sales price in July 2007 of $1,353,000.
From Aug 2007 to July 2008 there were 544 new listings with an average sales price in July 2008 of $1,324,000.
This data shows once again that all real estate is local. It is important to know your "micro markets". This data also indicates that if you have your heart set on purchasing in The Willows or Allied Arts there are not going to be hundreds of choices in any given year.
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