REAL ESTATE REVIEW

Prices Down Though Trending Upwards

During the first quarter of 2009, the reported average sales price of a home in Menlo Park fell below $1 million for the first time since the second quarter of 2003. The second quarter of 2009 saw an increase, climbing back up to an average sale price of $1,373,504. During the second quarter of 2008, the average sales price was a record $1,783,663. There were only 50 reported sales in Menlo Park during the first three months of 2009, the fewest reported sales of any quarter since I began compiling these numbers 12 years ago. That number doubled to 102 reported sales in the second quarter, comparing favorably with 107 reported sales during the same three months in 2008. Still, second quarter sales in Menlo Park have historically been approximately one third higher than these figures.

Properties are also taking longer to sell than they did last year. The average length of time it took to sell a home stretched from 50 days on the market during the fourth quarter of 2008 to 73 days in the first quarter of 2009. The second quarter showed a decrease to an average of 60 days on the market. However, during the second quarter of 2008, the length of time it took to sell a home was only 35 days. As of the middle of July, there were 109 homes for sale in the Multiple Listing Service, ranging in price from $249,900 to $5,275,000. Of these, 30 are listed below $1 million, and 8 are listed above $3 million.*