Month-over-Month Changes

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

  • Homes Sold: There was an 8% increase in homes sold, with 27 homes sold in October compared to 25 in September.
  • Median Sale Price: A significant increase of 30% was observed, with the median sale price rising from $2,920,000 in September to $3,800,000 in October.
  • Days on Market (DOM): The DOM decreased slightly, dropping to 11 days in October from 12 days in September.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price in October, a slight decrease from 104% in September.

Analysis: 

The month-over-month data indicates a robust and growing market in Menlo Park. The increase in homes sold and the significant jump in median sale price suggest a strong demand. The slight decrease in DOM and the high percentage of list price received further reinforce this trend.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 35%, from 20 homes sold in October 2022 to 27 in October 2023.
  • Median Sale Price: Rose from $3.30M in October 2022 to $3.80M in October 2023.
  • Days on Market: Decreased from 13 days in October 2022 to 11 days in October 2023.
  • Percentage of List Price Received: Increased from 100% in October 2022 to 103% in October 2023.
  • Months of Inventory: Increased from 1.5 in October 2022 to 1.8 in October 2023.

Analysis:

Year-over-year, Menlo Park’s real estate market shows significant growth. The increase in homes sold and median sale price, along with a decrease in DOM, indicates a strong seller’s market. The rise in the percentage of list price received further suggests that buyers are willing to pay more than the asking price, reflecting high demand.

Price Points and Quadrants

The sales details for October 2023 in Menlo Park were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $5,250,000, Median DOM: 33, Avg. $/Sq.Ft.: $1,565.
  • Second Quadrant: 7 homes sold, Median Sale Price: $4,175,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,291.
  • Third Quadrant: 7 homes sold, Median Sale Price: $3,400,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,538.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,977,500, Median DOM: 11, Avg. $/Sq.Ft.: $1,375.

Analysis: 

The data shows active sales across all quadrants, with the top quadrant leading in terms of median sale price and average dollars per square foot. This indicates a diverse market catering to various price points, with a particularly strong demand in the higher-priced segments.

Conclusion

The Menlo Park real estate market in October 2023 demonstrated growth and strength, with increases in homes sold and median sale prices both month-over-month and year-over-year. The market dynamics suggest a strong seller’s market, with properties moving quickly and at prices often above the asking price. The quadrant data provides valuable insights, showing that while all segments are active, the higher-priced homes are particularly in demand.

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