What's the market like? It's a common question I hear from buyers hoping to find a home in the sought-after town of Menlo Park, CA
Let's take a look, starting with a glimpse of what happened in 2014 in some of the Peninsula and Silicon Valley towns neighboring Menlo Park. This chart was prepared over a week ago, so the number of active listings has changed, as reported below.
As you can see, all these Peninsula and Silicon Valley towns show a very strong market in 2014. Days on market are very short, median sales prices are up over list prices -- all indicators of a seller's market.
The question people are wondering is whether this will continue in 2015, and of course there is no crystal ball. However, there are indicators.
Taking just the single-family market in Menlo Park:
As of this evening there are currently 13 homes listed for sale in our multiple listing service.
High priced listing: $3,650,000
Lowest priced listing: $699,000
Median price: $2,100,000.
Two homes are listed under $1,000,000, one at $699,000 the other at $850,000. Neither of these are served by the highly desired Menlo Park School District.
There are 9 pending sales.
Five homes have closed escrow since the beginning of January.
The real estate market in Menlo Park is starting the year in the same strong manner we saw in 2014.