Not enough inventory, plenty of buyers.
There are currently 36 single family Menlo Park homes for sale up from 23 last month.
There are currently 10 Menlo Park town homes/condos for sale down from 9 last week.
There are currently 17 pending sales of Menlo Park single family homes down from 28 last month.
There are currently 4 pending sales of Menlo Park homes/Condos down from 6 last month.
In August of 2013 there were 28 single family Menlo Park homes sold, a big decrease from July. The prices ranged from $520,000 to $4,000,000. The lowest priced home in Belle Haven is up $100,000 from July and in central Menlo the price is about the same 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 July was $899,000 down June's lowest price of 975K., and down to $850,00 in August. In August of 2013 there were 7 Menlo Park Town Homes/Condos sold. The prices ranged from $580,000 to $2,395,000. This is a high starting price point for condos, The lowest price condo that is not senior only housing was $1,149,000 for an 1,800+ square foot town home on Stone Pine,
The inventory of single family homes for sale in Menlo Park is still at historically low levels, but like Palo Alto and Mountain View up from last month. August is a traditionally slow month for inventory so I didn't expect to see any increase until sometime in September. We do have an increase, but not enough to change the dynamics of the seller's market. 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.
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