Not enough inventory, plenty of buyers.
There are currently 34 single family Menlo Park homes for sale down from 36 last week.
There are currently 8 Menlo Park town homes/condos for sale down from 10 last week.
There are currently 27 pending sales of Menlo Park single family homes up from 17 last week.
There are currently 8 pending sales of Menlo Park homes/Condos up from 4 last week.
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 and even lower than last week. The pending sales however do not exceed active listings so that gives us some hope that the insanity may be dampening. It will be interesting to see how the impending shut down and possible debt ceiling crisis effect the market, if at all. 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.
- See more at: http://activerain.com/blogsview/4199491/menlo-park-ca-real-estate-market-update-9-21-2013#sthash.D9seu475.dpuf