Month-over-Month Changes

In April 2024, the Menlo Park real estate market exhibited notable changes compared to March 2024:

  • Homes Sold: 23 homes were sold in April, which is an 8% decrease from the 25 sales in March.
  • Median Sale Price: The median sale price increased significantly by 35%, from $2,600,000 in March to $3,500,000 in April.
  • Days on Market (DOM): The DOM remained consistent at 9 days.
  • Percentage of List Price Received: Sellers received 104% of their asking price in April, down slightly from 106% in March.

Analysis

The month-over-month data indicates a significant rise in the median sale price, suggesting a robust demand for homes in Menlo Park. Despite the decrease in the number of homes sold, the market’s stability in DOM and the high percentage of list price received reflect continued buyer confidence and competition.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: Increased by 44%, from 16 to 23.
  • Homes Listed: Increased by 56%, from 32 to 50.
  • Median Sale Price: Slightly decreased from $3.53M to $3.50M.
  • Median Days on Market: Decreased from 13 days to 9 days.
  • Average Price per Square Foot: Increased from $1,525 to $1,597.
  • Percentage of List Price Received: Increased from 99% to 104%.
  • Months of Inventory: Increased from 1.6 months to 1.8 months.

Analysis

The year-over-year data shows a significant increase in both homes sold and listed, indicating a more active market. The slight decrease in median sale price suggests a stabilization at higher price points. The reduction in DOM and the increase in the percentage of list price received highlight a competitive market where homes are selling quickly and often above asking price.

Price Points and Quadrants

The sales details for April 2024 were broken down by quartiles:

  • Top Quartile: Homes Sold: 6, Median Sale Price: $7,122,500, Median DOM: 16, Average Price per Sq. Ft.: $1,698
  • Second Quartile: Homes Sold: 6, Median Sale Price: $4,049,000, Median DOM: 24, Average Price per Sq. Ft.: $1,367
  • Third Quartile: Homes Sold: 6, Median Sale Price: $3,020,000, Median DOM: 9, Average Price per Sq. Ft.: $1,644
  • Bottom Quartile: Homes Sold: 5, Median Sale Price: $1,625,000, Median DOM: 9, Average Price per Sq. Ft.: $1,520

Analysis

The data reveals active sales across all price points, with the top and third quartiles seeing considerable movement. The higher median sale prices in the top quartile and the competitive price per square foot indicate a strong market for luxury homes. Meanwhile, the third quartile’s rapid sales cycle and high average price per square foot highlight a robust mid-market segment.

Conclusion

The Menlo Park market in April 2024 showed a slight decrease in homes sold compared to the previous month but an increase in the median sale price. Year-over-year data indicates a more active market with increased listings and sales, despite a slight dip in median sale price. The quadrant data provides valuable insights for both buyers and sellers, showing that high-priced homes and mid-market segments are particularly competitive.

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