Review – Menlo Park Report Page

REAL ESTATE REVIEW

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The average sale price in Menlo
Park reached another record high
of $2,970,264
in 2021. This represents a
10% increase compared to $2,701,594
in 2020 (and includes both single-family
homes and condos/townhomes). The
average price for a single-family home
reached a record high of $3,275,421,

the first time ever crossing over $3
million. The high end of the market was
strong with 4 homes sold for $10 million
or more. The highest priced sale was
$13,850,000, which does not reach the
record set in 2020 of $14,750,000. There
were 32 homes that sold for $6 million
or more,
compared to just 9 the previous
year. Menlo Park average prices have
increased 153% since the recession low
in 2009 when it was $1,173,879. Keep in
mind that any Menlo Park properties sold
off-market are not part of this review.

As shown in the quarterly average chart,
the fourth quarter of 2021 saw the
highest average price at $3,245,162
, the
highest quarterly record by far.

In 2021, the median sale price in
Menlo Park also reached a record
high of $2,575,000
. This represents a
7% increase and a 161% increase since
2009 when it fell below $1 million.

338 homes, or 57%, sold for more than
list price
in Menlo Park, far higher than in
2020 when it was only 40%. In 2019, 46%
sold for more than list price and in 2018,
65%, sold for more than list price. Another
69 homes, or 12%, sold at list price.

The number of closed escrows in
Menlo Park,
including single-family
homes and townhomes/condos was
594, the highest number on records
dating back to 2005.
This compares to
350 sales in 2020 when it was the lowest
number on those records. There were 107
closed escrows in the first quarter, 189
in the second quarter, 150 in the third
quarter, and a strong finish of 148 sales in
the fourth quarter.

Homes sold quickly with an average days
on market of 23,
about the same as in
2020. The median days on market was
just 10, the lowest on records dating
back to 2005. Pricing was still key to
how long a home was on the market.

This direct correlation is seen with homes
that sold for list price or more, which were
on the market an average of just 13 days;
homes that sold for less than list price were
on the market for an average of 43 days.