Updated July 2019
Menlo Park is a wonderful community with a fun downtown. Top performing elementary schools. Just blocks away from Stanford Shopping Center and downtown Palo Alto. Click on links to see additional information on the Menlo Park Community and Schools.
Menlo Park homes span a wide price range. Homes in the Menlo Park City School district command a higher price. Homes in the northern areas are more affordable and the east Menlo Park homes the lowest price.
The Annual Median Price for Menlo Park homes declined 4% during the first half of 2019, which is consistent with most of the other Silicon Valley cities. The annual increase in the median price for Menlo Park homes has averaged 7.3% per year since 1998 (CAGR).
Market demand for Menlo Park homes is very high. Average Days on Market (red line) continue at all-time lows. The Final Sales vs. List Price is on-track to decline to 2-3% over list compared to 8% over list in 2018. This suggests that homes are still selling quickly, but with fewer offers.
The supply of New Listings for Menlo Park homes jumped 25% during the first half of 2019 compared to the same period in 2018, which was 44% higher than 2017. The number of Closed Sales is on-track to increase by 20-25%. This is the largest increase in Silicon Valley.
Final Sales Prices are still over List Price for homes selling within the first week or two. There is a noticeable decline in the number of homes selling for 15% over list. Buyers should plan on paying 3-5% over list in this market.
Menlo Park homes are selling for an average of $1,350 per SQFT. This varies widely for individual homes. The scatter chart above shows the distribution of $/SQFT and the associated size of the home. Each dot represents a Closed Sale in 2018.
The Quarterly Median Price provides a good of the trend in home values. There is more volatility in Menlo Park than most cities.
This Monthly Median Price for Menlo Park homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The average Days on Market is consistent with prior years. The spikes are typically in Dec-Jan during the slowest time of the year. This is a good time to negotiate the price, however the inventory of available homes to choose from is at its low-point.
The average Sales Price vs. List Price is now in the 2-3% over List range. This is a significant decline from 9% in 2017-18. This reflects fewer number of offers competing for the same home.
The inventory of Active listings is has jumped significantly during 1H2019 to levels not seen since 2012. Probably reflects the dramatic increase in the supply of New Listings.
The supply of New Listings for homes in Menlo Park was significantly higher during March through May. Note the seasonality with December typically being the low-point during the year.
The number of Closed Sales was also significantly higher. Note that Closed Sales are typically recorded the month following the contractual sale.
Source: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.