Month-over-Month Changes

The Menlo Park real estate market witnessed significant shifts when comparing February 2024 to January 2024:

  • Homes Sold: There was a 31% increase in home sales, with 17 homes sold in February 2024, up from 13 in January 2024.
  • Median Sale Price: We observed a decrease of 21%, with the median sale price dropping from $3,600,000 in January 2024 to $2,828,000 in February 2024.
  • Days on Market (DOM): The DOM for homes rose to 11 days in February 2024 from 7 days in January 2024, indicating a slight slowdown in how quickly homes are selling.
  • Percentage of List Price Received: Sellers received an average of 102% of their asking price in February 2024, a slight increase from 100% in January 2024.

Analysis

The month-over-month changes suggest a mixed market dynamic. While there was an increase in the number of homes sold, indicating healthy demand, the drop in median sale price and the increase in DOM could signal a market adjustment where buyers are becoming more price-sensitive.

Year-over-Year Comparison

Comparing the real estate market in February 2024 with February 2023, several trends emerge:

  • Homes Sold: There was a 26% decrease in the number of homes sold, from 23 in February 2023 to 17 in February 2024.
  • Median Sale Price: The median sale price saw a significant reduction from $4.10M in February 2023 to $2.83M in February 2024.
  • Days on Market: The average DOM remained relatively stable, with a slight decrease from 12 days in February 2023 to 11 days in February 2024.
  • Percentage of List Price Received: There was an increase in the percentage of list price received, from 98% in February 2023 to 102% in February 2024.
  • Months of Inventory: Increased from 1.3 in February 2023 to 1.8 in February 2024, indicating a slight increase in available inventory.

Analysis

The year-over-year data points to a market experiencing adjustments. The decrease in homes sold and a significant drop in median sale price suggest that the market is becoming more favorable to buyers. However, the stability in DOM and an increase in the percentage of list price received indicate that well-priced homes are still attracting buyer interest.

Price Points and Quadrants

February 2024 sales details by quadrants show varied activity across different price points:

  • Top Quadrant: 5 homes sold, Median Sale Price: $5,660,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,796.
  • Second Quadrant: 4 homes sold, Median Sale Price: $3,075,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,901.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,074,500, Median DOM: 11, Avg. $/Sq.Ft.: $1,093.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,520,000, Median DOM: 49, Avg. $/Sq.Ft.: $1,070.

Analysis

The quadrant breakdown illustrates that while the top quadrant remains strong with the highest median sale price and a considerable average dollar per square foot, there is noticeable activity in all quadrants. The longer DOM in the bottom quadrant suggests that lower-priced homes may take longer to sell, but there is still consistent movement across all market segments.

Conclusion

The Menlo Park real estate market in February 2024 indicates a nuanced landscape. With month-over-month increases in home sales but decreases in median sale prices, and a relatively stable DOM, the market presents opportunities for both buyers and sellers. The year-over-year comparison shows a market readjustment, with a decrease in homes sold and median sale prices. The data by quadrants offers insights into which segments of the market are most active, highlighting the continued demand for higher-priced homes. As the market evolves, understanding these trends is crucial for making informed decisions.

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