Not enough inventory, plenty of buyers.
There are currently 25 single family Menlo Park homes for sale up from 20 last week.
There are currently 4 Menlo Park town homes/condos down from 5 last week.
There are currently 27 pending sales of Menlo Park single family homes up from 26 last week.
There are currently 6 pending sales of Menlo Park homes/Condos up from 5 last week.
This week there were 11 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.
In April of 2014 there were 28 single family Menlo Park homes sold ranging in price from $648,000 to $4,985,000. In April of 2013 there were 9 Menlo Park Town Homes/Condos sold. The prices ranged from $630,000 to $1,725,000.
Of the 28 Menlo Park sales in April of 2014 only 7 were sold with all cash, the other 21 or 75% were financed. This is a very good percentage as about 33% of homes in the area are being sold with all cash. Of the 9 condos sold, 7 were all cash. This is a fluke, I hope. I think it also represents a large number of move down buyers, not just investors. Since prices are so high and many homeowners in Portola Valley and Woodside are tired of their acre plus lots and high maintenance homes, there are a lot of cash buyers who are buying condos right now.
The inventory of single family homes for sale in Menlo Park is still at historically low levels and shows no sign of getting 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