Month-over-Month Changes

In November 2023, the Menlo Park real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a 10% decrease in homes sold, down from 30 sales in October to 27 in November.
  • Median Sale Price: The median sale price decreased by 12%, from $3,750,000 in October to $3,300,000 in November.
  • Days on Market (DOM): The DOM increased slightly, rising to 12 days in November from 11 days in October.
  • Percentage of List Price Received: Sellers received 102% of their asking price in November, a slight decrease from 103% in October.

Analysis

The month-over-month data indicates a cooling trend in the Menlo Park market, with fewer homes sold and a decrease in median sale prices. The slight increase in DOM and a small drop in the percentage of list price received suggest a slight shift towards buyers.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the following changes were observed:

  • Homes Sold: Increased by 29%, from 21 to 27.
  • Median Sale Price: Rose from $2.88M in November 2022 to $3.30M in November 2023.
  • Days on Market: Decreased slightly, from 13 days in November 2022 to 12 days in November 2023.
  • Percentage of List Price Received: Improved from 98% in November 2022 to 102% in November 2023.

Analysis

Year-over-year, the Menlo Park market shows a significant increase in the number of homes sold and a notable rise in median sale prices. The decrease in DOM and increased percentage of list price received indicate a robust market favoring sellers.

Price Points and Quadrants

The sales details for November 2023 were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $5,365,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,557.
  • Second Quadrant: 7 homes sold, Median Sale Price: $3,580,000, Median DOM: 18, Avg. $/Sq.Ft.: $1,467.
  • Third Quadrant: 7 homes sold, Median Sale Price: $1,950,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,484.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,320,500, Median DOM: 25, Avg. $/Sq.Ft.: $1,024.

Analysis

The quadrant data reveals that all segments of the market are active, with the top and second quadrants showing the most activity. This suggests that higher-priced homes are in demand, with the top quadrant homes selling quickly and at a higher price per square foot.

Conclusion

The Menlo Park market in November 2023 demonstrated a decrease in homes sold and median sale price month-over-month, but an overall increase in homes sold and sale prices year-over-year. The market remains strong for sellers, with homes selling relatively quickly and above the asking price. The quadrant data provides valuable insights, indicating a robust market for higher-priced homes.

Data provided by MLSListings and is deemed reliable but not guaranteed.