Month-over-Month Changes

In August 2023, Menlo Park’s real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 23 homes were sold, marking a 10% increase from 21 sales the previous month.
  • Median Sale Price: Increased by 5% from $2,675,000 in July 2023 to $2,801,000 in August 2023.
  • Days on Market (DOM): Rose to 15 days from 14 days in July 2023.
  • Percentage of List Price Received: Sellers received 100% of their asking price, down from 102% in July 2023.

Analysis

The month-over-month data indicates a market that is heating up. The increase in homes sold and the rise in the median sale price suggest that demand remains strong. However, the slight decrease in the percentage of list price received indicates a more balanced market.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 18%, from 28 to 23.
  • Homes Listed: Increased by 24%, from 29 to 36.
  • Median Sale Price: Increased from $2.70M to $2.80M.
  • Median Days on Market: Remained consistent at 15 days.
  • Average Dollar per Square Foot: Increased from $1,446 to $1,562.
  • Percentage of List Price Received: Remained consistent at 100%.
  • Months of Inventory: Increased from 1.5 to 1.7.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in homes listed and sale prices. This suggests a market where inventory is increasing, but demand remains high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 6 homes sold, Median Sale Price: $5,500,000, Median DOM: 35, Avg. $/Sq.Ft.: $1,511.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,114,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,516.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,293,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,620.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,715,000, Median DOM: 22, Avg. $/Sq.Ft.: $1,327.

Analysis

The data shows that all quadrants are active, but the top and third quadrants are seeing the most activity in terms of average dollar per square foot. 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 August 2023 showed an increase in homes sold compared to the previous month but a decrease in homes sold 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.