Month-over-Month Changes

In September 2023, the Menlo Park real estate market experienced some fluctuations compared to August 2023:

  • Homes Sold: 24 homes were sold, marking a 4% decrease from 25 sales the previous month.
  • Median Sale Price: Increased by 3% from $2,801,000 in August 2023 to $2,880,000 in September 2023.
  • Days on Market (DOM): Dropped to 12 days from 15 days in August 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price, up from 100% in August 2023.

Analysis

The month-over-month data indicates a market that remains strong but is showing signs of slight moderation. The decrease in homes sold and the drop in DOM suggest that while demand remains high, it may be stabilizing. Sellers continue to receive more than their asking price, reinforcing the strength of the market.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 11%, from 27 to 24.
  • Homes Listed: Increased by 17%, from 41 to 48.
  • Median Sale Price: Increased from $2.39M to $2.88M.
  • Median Days on Market: Decreased from 14 to 12.
  • Percentage of List Price Received: Increased from 99% to 104%.
  • Months of Inventory: Increased from 1.9 to 2.2.
  • Average Dollar per Sq. Ft.: Increased from $1,377 to $1,485.

Analysis

Year-over-year, the Menlo Park market has seen a decrease in the number of homes sold but an increase in homes listed. The rise in median sale price and the faster sales cycle indicate a market favorable to sellers. The increase in months of inventory suggests a slight easing in market conditions, but demand remains robust.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $5,300,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,559.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,705,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,587.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,337,500, Median DOM: 13, Avg. $/Sq.Ft.: $1,206.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,670,000, Median DOM: 15, Avg. $/Sq.Ft.: $1,425.

Analysis

All quadrants are active, with the top and second quadrants seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Menlo Park market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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