Not enough inventory, plenty of buyers.
There are currently 31 single family Menlo Park homes for sale down from 34 last week..
There are currently 9 Menlo Park town homes/condos for sale the same as last week.
There are currently 23 pending sales of Menlo Park single family homes down from 26 last week.
There are currently 5 pending sales of Menlo Park homes/Condos down from 6 last week.
In July of 2013 there were 46 single family Menlo Park homes sold, a nice jump from June. The prices ranged from $475,000 to $3,950,000. The lowest priced home in Belle Haven is down $100,000 from June and in central Menlo the price is down 1.5 for the highest price sold. I think the prices may be starting to level off. If you look at just the Menlo Park homes with Menlo Park schools the lowest price in June was $899,000 down June's lowest price of 975K. In July of 2013 there were 12 Menlo Park Town Homes/Condos sold. The prices ranged from $380,000 to $1,326,000. This is a high starting price point for condos, The lowest price condo that is not senior only housing was $580,00 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 like Palo Alto and Mountain View down from last week, again. August is a traditionally slow month for inventory so I don't expect to see any increase until sometime in September. 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.