A record high average sale price in Menlo Park was once again reached with an increase of $270,233 to $2,611,707. This represents a 12% increase compared to 2017, when the average price was $2,341,474. Contributing to this increase was a record high sale for an individual home at $10,075,000 (which sold for more than list price) plus three homes that sold between $7 million and $8 million. Menlo Park average prices have steadily increased every year since the recession low in 2009 when it was $1,242,293. The average price in 2018 represents an increase of 110% since 2009.
In 2018, the median sale price in Menlo Park climbed by $200,000 to a record high of $2,300,000, representing a 10% increase. At the recession low in 2009, the median price was $1,097,500; today’s median price is 110% higher. Keep in mind that any properties sold in Menlo Park off the Multiple Listing Service (MLS) are not part of this review.
With prices increasing like this, it’s no surprise that the strong demand resulted in many Menlo Park homes selling with multiple offers and for more than list price. In fact, 241 homes, or 65%, sold for more than list price and by as much as 63% more. Homes also sold quickly with an average days on market of 20 compared to 23 days in 2017. Half of all sales occurred in 12 days or less holding steady with the past six years.
The number of closed escrows in Menlo Park, including single-family homes and townhomes/condos, declined in 2018 to 370 compared to 387 in 2017. This is the lowest number of sales in recent records dating back to 2002. The number of new listings remained relatively low. In 2018, there were 475 new listings compared to 419 in 2017 but to put this in perspective, there were 600+ to 800+ new listings every year between 2002 to 2010. The fewer number of homes for sale is directly correlated to the continuing increase in prices.