Not enough inventory, plenty of buyers.
There are currently 39 single family Menlo Park homes for sale down from 42 last week..
There are currently 7 Menlo Park town homes/condos for sale the down from 8 last week.
There are currently 29 pending sales of Menlo Park single family homes down from 30 last week.
There are currently 7 pending sales of Menlo Park homes/Condos down from 10 last week.
In June of 2013 there were 33 single family Menlo Park homes sold down from 47 in May. The prices ranged from $540,000 to $4,375,000. The lowest priced home in Belle Haven is up $100,000 from May. I thought we may have been leveling off but this number does not prove it. If you look at just the Menlo Park homes with Menlo Park schools the lowest price in June was $975,000 up a little form May but the only home with Menlo Park schools sold under a million. In June of 2013 there were 10 Menlo Park Town Homes/Condos sold. The prices ranged from $395,000 to $1,800,000. This is a high starting price point for condos, but not as high as Palo Alto. The lowest price condo that is not senior only housing was $551,00 for a 1 bedroom in Sharon Park which is similar to a one bedroom condo in Palo Alto.
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, again. I am hoping that as the summer progresses we will have more inventory and that this week is not a trend. 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.