Not enough inventory, plenty of buyers.
There are currently 39 single family Menlo Park homes for sale
There are currently 10 Menlo Park town homes/condos for sale.
There are currently 47 pending sales of Palo Alto single family homes.
There are currently 6 pending sales of Palo Alto Town homes/Condos.
In April of 2013 there were 30 single family Menlo Park homes sold. The prices ranged from $495,000 to $4,275,000. The lowest priced home in Belle Haven being almost $500,0000 is significant and shows that the market is up. If you look at just the Menlo Park homes with Menlo Park schools the lowest price in April was $1,075,000. No homes under a million in this category is also very significant.
In April of 2013 there were 6 Menlo Park Town Homes/Condos sold. The prices ranged from $390,000 to $1,225,000. This is a high starting price point for condos as well. The lowest price condo that is not senior only housing was $700,000 for a 2 bedroom in Sharon Park.
This week the lowest price listing of a single family home is $1,099,000 which is higher that the lowest priced sale in April. Since most homes get multiple offers and sell higher than list price it is reasonable to expect that the lowest priced sale could be over $100,000 higher than the lowest sale in all of April. In other words, the market is still appreciating.
The inventory of single family homes for sale in Menlo Park is at historically low levels. I am hoping that as the summer progresses we will have more inventory. If you would like to search for homes for sale please feel free to visit my website for a custom search.
If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.