Not enough inventory, plenty of buyers.
There are currently 41 single family Menlo Park homes for sale down from 43 last week.
There are currently 11 Menlo Park town homes/condos for sale the down from 13 last week.
There are currently 35 pending sales of Menlo Park single family homes down from 40 last week.
There are currently 11 pending sales of Menlo Park homes/Condos up from 9 last week.
In May of 2013 there were 47 single family Menlo Park homes sold. The prices ranged from $450,000 to $4,395,000. The lowest priced home in Belle Haven is down $45,000 from April is significant and may show that the market is starting to level off. If you look at just the Menlo Park homes with Menlo Park schools the lowest price in April was $936,000 also down a little form April when no homes with Menlo Park schools sold under a million. This also may indicate that the market is starting to level off.
In May of 2013 there were 7 Menlo Park Town Homes/Condos sold. The prices ranged from $375,000 to $1,475,000. This is a high starting price point for condos as well. The lowest price condo that is not senior only housing was $690,000 for a 2 bedroom in Sharon Park, down 10K from April. This also points to a leveling off of the market.
The inventory of single family homes for sale in Menlo Park is still at historically low levels, and unlike Palo Alto, Mountain View and Santa Clara down from last week. I am hoping that as the summer progresses we will have more inventory and that this week is not a trentd. 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.