Month-over-Month Changes

The Menlo Park real estate market saw some changes in July 2023 compared to the previous month. Here’s a summary:

  • Homes Sold: 21 homes were sold, a 32% decrease from 31 sales in June.
  • Median Sale Price: There was a 6% decrease, from $2,852,000 in June to $2,675,000 in July.
  • Days on Market (DOM): The DOM rose to 14 from 13 in June.
  • Percentage of List Price Received: Sellers received 102% of their asking price, a slight decrease from 103% in June.

These changes may indicate a slight slowing in the market, with fewer sales and a decrease in prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were observed:

  • Homes Sold: No change, with 21 homes sold in both periods.
  • Homes Listed: A slight decrease of 4%, from 28 to 27.
  • Median Sale Price: A significant decrease of 33%, from $3.97M to $2.68M.
  • Average Dollar per Square Foot: A decrease of 21%, from $1768 to $1394.
  • Median Days on Market: An increase of 56%, from 9 to 14.
  • Months of Inventory: A decrease of 6%, from 1.7 to 1.6.

These statistics reflect a market with lower prices and longer selling times compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $6,350,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,563.
  • Second Quadrant: 5 homes sold, Median Sale Price: $4,120,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,309.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,210,000, Median DOM: 18, Avg. $/Sq.Ft.: $1,425.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,710,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,114.

These details provide insights into the segments of the market that are most active, with a fairly even distribution across the quadrants.

Conclusion

The Menlo Park market in July 2023 showed a decrease in sales and prices compared to the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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