Once again, the average sale price of a home in Menlo Park reached a record high with an increase of $171,836 to $2,341,474. This represents an increase of 8% over the average sale price in 2016, which was $2,169,638. Contributing to this increase was a record high sale for an individual home at $7,800,000.
Menlo Park’s average price has steadily increased every year since the recession low in 2009 when it was $1,242,293. The average price in 2017 represents an increase of 88% since 2009.
In 2017, the median sale price in Menlo Park climbed by $275,000 to a record high of $2,100,000, representing a 15% increase. In 2009, the median price was $1,097,500 and it took 4 years to recover when it rose to $1,510,000 in 2013. Since that year, the median price has increased 39% and has almost doubled since the recession in 2009 when the median price dropped to $1,097,500 – a 91% increase in median price in 8 years.
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, 201 homes, or 52%, sold for more than list price and by as much as 46% more. Homes also sold quickly with an average days on market of 25, the same as in 2016. Half of all sales occurred in 13 days or less holding steady with the previous year.