Lots of interesting information here. First of all, nothing in Belle Haven sold under $300,000. That is a milestone. There was a City of Menlo Park sale below market rate house that sold for $295,000 but the lowest price fair market price home was $324,000. The next lowest price was $355,000. The days of buying a home in Menlo Park under $300,000 are long gone.
The next interesting fact is that most of the homes sold in Menlo Park in 2013 were sold between $400,000 and $2,000,000. 72 of the 110 single family Menlo Park homes sold in 2013 were purchased between $400,000 and $2,000,000.
There were 24 homes sold in Menlo Park between two million and three million and 10 homes between 3 and 5 million.
If you look at homes sold only in the Menlo Park or Las Lomitas school districts the chart looks like this:
You can see that the lowest priced home you could buy in Menlo Park with Menlo Park or Menlo Park schools, as opposed to Redwood City or East Palo Alto schools was $850,000. Only 3 homes sold under $1,000,000. 46 homes sold under 2 million dollars and 34 sold over 2 million.
What does this all mean for someone trying to buy a home in Menlo Park?
Here are my thoughts:
1. It's not cheap.
2. Only 80 homes sold in Menlo Park with Menlo Park or Las Lomitas schools compared to 135 that sold with Palo Alto schools. In Palo Alto 3 homes sold under a million, the same as in Menlo Park, and 8 homes sold over 5 million, unlike Menlo Park which had none. While more homes sold in Palo Alto, Menlo Park has a little less competition.
3. The average price per square foot to buy a home in Menlo Park with Menlo Park or Las Lomitas schools is $891,971. In Palo Alto is is $1,141.42. Both cities have average lot size of homes sold at 8,578 in Menlo Park vs 8,962 in Palo Alto so in general homes in Menlo Park are less expensive.
4. The average list price to sale price in Menlo Park is $1,954,749 list $2,048,101 sold compared to $2,381,202 list and $2,524,777 sold in Palo Alto. This is important information when you are making an offer in Menlo Park. In other words the price you pay over list is a smaller percentage than you have to pay in Palo Alto.
If you are buying a home in Menlo Park you will need to pay over a million dollars and on average about $2,000,000. You will often have to pay over list price, but depending on the list price it is on average only about 5% over list. If you are looking in the 1 to 2 million price range there will be on average 10 homes a month that come on the market.
The stats are nothing for Menlo Park buyers to celebrate, but there is no need to cry either.
If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.