Menlo Park, CA January 2010 Real Estate Sales and News

by cindy ~ February 13th, 2010 ~ Menlo Park, Statistics Comments (113)
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Everyone is asking, “Where are  all of the nice homes for sale in Menlo Park?”   We have anxious buyers ready to purchase, but we have very little nice inventory of homes in the popular price ranges.  Pent up buyer demand is converting our “bubble of a real estate area” into a “Seller’s” market right now.  We seriously need a large quantity of  nice/beautiful, remodeled homes in move-in condition (no bathroom or kitchen re-do’s to do!), that have over 2,000 square feet inside on lots of 8,000 square feet minimum from $2Mil to $3Mil.   The keys are the Menlo Park or Atherton properties for sale must appeal to the buyers, be in the price ranges of $2Mil to $3Mil, be recently remodeled with higher end materials, have great space inside and out, and NOT be over priced or flawed with issues such as location or poor floor plan.   It could be a very busy Spring market if we could only get more nice homes in Menlo Park or homes in Atherton to sell.  It would be a win-win for both buyers and sellers.   Let me know if you know of anyone ready to move and sell.

The January 2010 real estate sales numbers for Menlo Park areas were far too quiet.

      Area                              # of Sales *   Average Days on Market *          Average Sales Price*

Allied Arts                                3                             14                                                 $1,075,000

Central Menlo                          0                              0                                                              0

Fair Oaks                                 2                            65                                                        610,500

Alameda/County                      0                             0                                                               0

Menlo Oaks                              1                              6                                                         935,000

Willows                                     1                            94                                                         960,000

Felton Gables                           0                             0                                                                0

*The statistics reported above are from the local Multiple Listing Service (MLS).  Off market sales are not included in the reporting to MLS therefore, we know actual numbers vary since there are off market sales occurring on a monthly basis.  Closed sales indicate those sales that actually closed escrow and does not include those that are in “pending” contract status.  Pending sales will be reflected in the month they actually close escrow.

In January 2010 there were 7 sales in Menlo Park that sold for an Average Sales Price of $947,857.  In January of 2009 there were 5 sales for an Average Sales Price of  $1,344,200.  The difference in Average Sale Prices in 2010 versus 2009 was due to the fact that there were 3 sales in January of 2009 that skewed the average higher (one sale in Menlo Oaks for $2.2Mil and 2 in Sharon Heights averaged $1.650Mil).  Five years ago in January of 2005, there were 17 closed sales and the Average Sales Price was $1.581Mil.  Many sales in Central Menlo skewed that average higher.

We look forward with hope and anticipation to the Menlo Park real estate market for the rest of 2010.