Month-over-Month Changes

In January 2024, the Menlo Park real estate market experienced several notable changes compared to December 2023:

  • Homes Sold: There was a slight decrease in the number of homes sold, from 14 in December 2023 to 13 in January 2024, marking a 7% decrease.
  • Median Sale Price: There was a significant increase in the median sale price, jumping 64% from $2,194,000 in December 2023 to $3,600,000 in January 2024.
  • Days on Market (DOM): The DOM decreased substantially, from 19 days in December 2023 to just 7 days in January 2024.
  • Percentage of List Price Received: Sellers received 100% of their asking price in January 2024, an improvement from 98% in December 2023.

Analysis

The Menlo Park market in January 2024 showed a robust increase in median sale prices and a faster sales cycle, indicating a strong seller’s market. Despite a slight decrease in the number of homes sold, the market dynamics suggest a high demand for properties, with sellers receiving their asking price and homes selling more quickly.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Increased by 30%, from 10 in January 2023 to 13 in January 2024.
  • Median Sale Price: Saw a dramatic rise of 61%, from $2.23M in January 2023 to $3.60M in January 2024.
  • Days on Market: Decreased significantly, from 13 days in January 2023 to 7 days in January 2024.
  • Percentage of List Price Received: Remained stable at 100% for both years.
  • Months of Inventory: Slightly decreased from 1.6 in January 2023 to 1.5 in January 2024.

Analysis

Year-over-year data highlights a significant increase in both the number of homes sold and the median sale prices, indicating a growing market with strong demand and rising property values. The decrease in DOM and stable percentage of list price received further emphasize a competitive market environment favoring sellers.

Price Points and Quadrants

The January 2024 sales data by quadrants in Menlo Park is as follows:

  • Top Quadrant: 4 homes sold, Median Sale Price: $5,170,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,527.
  • Second Quadrant: 3 homes sold, Median Sale Price: $3,850,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,431.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,240,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,248.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,700,000, Median DOM: 31, Avg. $/Sq.Ft.: $1,084.

Analysis

The quadrant data reveals activity across all price points, with the top and second quadrants showing the most significant activity. This distribution suggests a diverse market where properties at higher price points are moving quickly, reflecting a strong demand for premium homes.

Conclusion

The Menlo Park real estate market in January 2024 demonstrated a strong seller’s advantage, with significant increases in median sale prices and a quick sales cycle. The year-over-year comparison further solidifies this trend, showing a growing market with high demand. The quadrant analysis provides insights into which segments of the market are most active, indicating a healthy market across various price points.

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