Month-over-Month Changes

In March 2024, the Menlo Park real estate market showed significant positive shifts from February 2024:

  • Homes Sold: Increased by 32%, with 25 homes sold compared to 19 in the previous month.
  • Median Sale Price: Experienced a slight decrease of 8% from $2,828,000 in February to $2,600,000 in March.
  • Days on Market (DOM): Decreased to 9 days from 11 days, indicating faster sales.
  • Percentage of List Price Received: Improved, with sellers receiving 106% of their asking price, up from 102% in February.

Analysis

The increase in the number of homes sold along with a faster turnover rate suggests a robust demand, despite the slight drop in median sale prices. The higher percentage of list price received further emphasizes a competitive market where buyers are willing to pay above the asking price.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market dynamics include:

  • Homes Sold: Increased by 32%, from 19 homes in March 2023 to 25 in March 2024.
  • Median Sale Price: Decreased significantly from $3.78M in March 2023 to $2.60M in March 2024.
  • Days on Market: Reduced from 16 days to 9 days, reflecting a more dynamic market.
  • Percentage of List Price Received: Saw an improvement from 98% in March 2023 to 106% in March 2024.
  • Months of Inventory: Remained stable at 1.3 months, suggesting a balanced market.

Analysis

Despite the year-over-year drop in median sale prices, the market in Menlo Park has become quicker and more competitive, with properties selling faster and for a higher percentage of their asking price. This indicates that while prices have adjusted, buyer demand remains strong.

Price Points and Quadrants

March 2024 sales distribution by price quadrants in Menlo Park is as follows:

  • Top Quadrant: Median Sale Price: $5,700,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,690.
  • Second Quadrant: Median Sale Price: $2,675,000; Median DOM: 13; Avg. $/Sq.Ft.: $1,409.
  • Third Quadrant: Median Sale Price: $2,385,000; Median DOM: 13; Avg. $/Sq.Ft.: $1,680.
  • Bottom Quadrant: Median Sale Price: $1,515,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,310.

Analysis

The distribution indicates a significant spread in the sale prices and days on market. The top quadrant, with the highest prices and relatively quick sales, demonstrates strong demand for high-end properties. Meanwhile, the second and third quadrants show longer DOMs, suggesting a slower turnover at mid-range prices.

Conclusion

The Menlo Park real estate market in March 2024 illustrated a dynamic mix of increased sales volume and varying price adjustments. Despite a general decrease in median prices year-over-year, the market remains competitive, with homes selling quickly and for above list price. This environment presents opportunities for both buyers and sellers to navigate a responsive market effectively.

Data provided by MLS Listings and is deemed reliable but not guaranteed.