Not enough inventory, plenty of buyers.
There are currently 19 single family Menlo Park homes for sale down from 20 last week.
There are currently 4 Menlo Park town homes/condos down from 6 last week.
There are currently 34 pending sales of Menlo Park single family homes up from 24 last week.
There are currently 4 pending sales of Menlo Park homes/Condos up from 2 last week.
This week there were 8 new Menlo Park single family home listings and 1 new Menlo Park condo listings. Not nearly enough to satisfy demand but hopefully more are on the way and it is an increase from last week.
In March of 2014 there were 26 single family Menlo Park homes sold ranging in price from $442,000 to $4,873,050. In March of 2013 there were 9 Menlo Park Town Homes/Condos sold. The prices ranged from $673,000 to $1,335,000.
Of the 26 Menlo Park sales in March of 2014 only 8 were sold with all cash, the other 18 were financed. This is a very good number of financed offers because it means that the buyers actually live in this country and the houses will be occupied by either home owners or tenants. There have been a number of homes that are bought with cash by people from other countries and are often left vacant. This does not help the current housing crunch with our huge need for both owner occupied and rental properties. Of the 9 condos sold, 3 were all cash, or about 33%.
The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of geting better. At least there was a jump in condo listings. If you would like to search for homes for sale please click here.
If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.
Ca B.R.E. 01191194