Month-over-Month Changes

In May 2024, the Menlo Park real estate market exhibited some notable shifts compared to April 2024:

  • Homes Sold: There was a significant increase in sales, with 40 homes sold in May 2024, up by 54% from the 26 homes sold in April 2024.
  • Median Sale Price: The median sale price experienced a 7% decrease, dropping from $3,600,000 in April 2024 to $3,362,500 in May 2024.
  • Days on Market (DOM): The average number of days homes remained on the market stayed consistent at 9 days in both April and May 2024.
  • Percentage of List Price Received: Sellers in Menlo Park received, on average, 103% of their asking price in May 2024, a slight decrease from 104% in April 2024.

Analysis

The month-over-month data indicates a robust increase in the number of homes sold, which could signify a rising demand or seasonal market trends. However, the decrease in median sale price suggests some pressure on pricing, potentially due to an increased supply or buyer negotiations. The steady days on market and high percentage of list price received indicate that the market remains competitive and healthy for sellers.

Year-over-Year Comparison

When comparing May 2024 to May 2023, several key changes are evident:

  • Homes Sold: The number of homes sold increased by 43%, from 28 homes in May 2023 to 40 homes in May 2024.
  • Homes Listed: The number of homes listed decreased by 22%, from 45 listings in May 2023 to 35 listings in May 2024.
  • Median Sale Price: The median sale price saw a slight increase from $3.35 million in May 2023 to $3.36 million in May 2024.
  • Average Dollar per Square Foot: There was a small rise in the average price per square foot, from $1,606 in May 2023 to $1,645 in May 2024.
  • Median Days on Market: The median days on market decreased from 10 days in May 2023 to 9 days in May 2024.
  • Percentage of List Price Received: Sellers consistently received 103% of the list price in both years.
  • Months of Inventory: There was a significant drop in months of inventory, from 1.9 months in May 2023 to 1.1 months in May 2024.

Analysis

Year-over-year, the Menlo Park market shows a clear increase in sales volume while facing a reduction in inventory. This indicates a tight market with high demand, which has likely kept sale prices stable despite fewer homes being listed. The decrease in days on market and consistent high percentage of list price received highlight the continued competitiveness in the market, favoring sellers.

Price Points and Quadrants

The detailed sales data for May 2024, broken down by price quartiles, reveals the following:

  • Top Quartile: Homes Sold: 10, Median Sale Price: $5,147,500, Median DOM: 9 days, Average Price per Square Foot: $1,732
  • Second Quartile: Homes Sold: 10, Median Sale Price: $4,175,000, Median DOM: 9 days, Average Price per Square Foot: $1,641
  • Third Quartile: Homes Sold: 10, Median Sale Price: $3,015,000, Median DOM: 9 days, Average Price per Square Foot: $1,585
  • Bottom Quartile: Homes Sold: 10, Median Sale Price: $2,159,450, Median DOM: 9 days, Average Price per Square Foot: $1,398

Analysis

The breakdown by price quartiles indicates that activity is evenly distributed across different price ranges, with each quartile selling 10 homes in May 2024. The median sale prices and days on market suggest a balanced market where homes at all price points are finding buyers relatively quickly. The highest price per square foot in the top quartile shows that premium properties are commanding a significant premium, reflecting strong demand in the higher end of the market.

Conclusion

The Menlo Park real estate market in May 2024 demonstrated robust activity with significant month-over-month increases in sales. The year-over-year comparison shows a stable market with slightly increasing prices and a significant reduction in inventory, pointing to strong buyer demand. The even distribution of sales across different price points and quick turnover in all quadrants indicate a balanced and competitive market environment.

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