Menlo Park Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Menlo Park (Recent Sales here)

Menlo Park continues to mirror the overall market trend in the Bay Area, with rising sale prices and extremely limited and declining inventory. It marked the sixth straight year for higher sales prices for both single family homes and condo/townhomes.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

Here are the numbers for March 2018. If you are curious about your Menlo Park home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $3,455,000 46.5%
Overbids (%) 110.40% 8.9%
New Listings (#) 38 3.66%
Homes Sold (#) 20 -9.43%
Months of Inventory 0.9 -31.37%
Median Days on Market (DOM) 11 -64.10%
Average Days on Market (DOM) 16 -24.27%

 

Median Sales Price – Menlo Park SFR

Ratio of List Price to Sold Price (Overbids) – Menlo Park SFR

Number of New Listings vs Sold Listings, Menlo Park SFR

Months of Inventory – Menlo Park SFR

 

Median and Average Days on Market (DOM) – Menlo Park SFR

 

Menlo Park Single Family Home Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
823 14TH Avenue 1/2/18 1,306.82 $1,150,000 1.155 6 2 1|0 880 5,500 Lot SqFt
718 15th Avenue 2/2/18 1,385.54 $1,150,000 1.152 0 2 1|0 830 5,350 Lot SqFt
440 6th Avenue 2/20/18 1,139.62 $1,208,000 1.21 2 2 1|0 1,060 4,560 Lot SqFt
470 6th Avenue 4/5/18 1,373.68 $1,305,000 1.631 7 3 1|0 950 6,000 Lot SqFt
413 8th Avenue 3/30/18 960.14 $1,325,000 0.948 12 2 1|0 1,380 7,420 Lot SqFt
3841 Alameda De Las Pulgas 3/12/18 1,958.76 $1,900,000 1 0 2 1|0 970 6,650 Lot SqFt
1315 American Way 3/9/18 1,750.00 $2,800,000 1.121 9 3 2|0 1,600 6,300 Lot SqFt
1110 Arbor Road 3/27/18 1,520.17 $5,050,000 0.953 16 5 3|1 3,322 11,648 Lot SqFt
324 Arden Road 3/26/18 1,774.62 $4,000,000 1.212 10 3 2|1 2,254 10,600 Lot SqFt
40 Barney Court 3/15/18 1,504.63 $3,250,000 1.032 18 3 3|0 2,160 11,600 Lot SqFt
632 Bay Road 2/26/18 1,009.71 $2,080,000 1.225 7 4 2|1 2,060 8,778 Lot SqFt
1715 Bay Laurel Drive 1/16/18 1,072.44 $5,700,000 0.951 172 4 4|1 5,315 11,934 Lot SqFt
119 Baywood Avenue 4/17/18 2,054.46 $2,075,001 1.221 7 2 1|0 1,010 6,850 Lot SqFt
1123 Berkeley Avenue 3/28/18 1,134.59 $1,450,000 1.453 6 2 2|0 1,278 5,290 Lot SqFt
500 Berkeley Avenue 3/12/18 1,391.41 $5,215,000 1.003 11 5 3|1 3,748 20,255 Lot SqFt
21 Bishop Lane 4/3/18 1,331.16 $2,649,000 1 33 3 3|1 1,990 7,482 Lot SqFt
1959 Camino a los Cerros 2/19/18 1,509.26 $4,075,000 1.134 10 3 3|0 2,700 11,445 Lot SqFt
1126 Carlton Avenue 4/6/18 927.15 $1,400,000 1.274 6 3 2|0 1,510 6,000 Lot SqFt
1224 Carlton Avenue 1/26/18 1,256.25 $1,005,000 1.118 5 2 1|0 800 6,000 Lot SqFt
110 Clover Lane 4/10/18 1,589.35 $2,670,110 1.302 10 3 2|0 1,680 6,240 Lot SqFt
511 Durham Street 1/22/18 1,192.66 $1,300,000 0.929 7 2 1|0 1,090 6,580 Lot SqFt
1806 Edgewood Lane 3/30/18 1,666.67 $4,500,000 1.048 10 4 4|1 2,700 11,400 Lot SqFt
1301 Elder Avenue 3/1/18 1,473.21 $3,300,000 1.031 11 3 3|0 2,240 18,000 Lot SqFt
140 Forest Lane 1/31/18 815.45 $1,900,000 0.974 164 3 2|1 2,330 1,742 Lot SqFt
181 Forest Lane 4/17/18 1,002.25 $2,225,000 0.967 22 3 2|1 2,220 1,768 Lot SqFt
175 Gloria Circle 3/6/18 1,167.19 $3,700,000 1 12 5 3|0 3,170 10,916 Lot SqFt
215 Haight Street 3/2/18 1,166.67 $2,100,000 1.194 9 3 2|0 1,800 8,880 Lot SqFt
117 Hedge Road 1/12/18 1,663.93 $2,030,000 1.16 7 3 2|0 1,220 5,500 Lot SqFt
36 Henderson Place 3/30/18 1,494.51 $1,360,000 1.363 7 3 1|0 910 7,800 Lot SqFt
1150 Hobart Street 3/23/18 1,787.13 $3,610,000 1.224 16 2 2|0 2,020 10,209 Lot SqFt
1116 Hollyburne Avenue 2/21/18 1,331.71 $1,365,000 1.379 10 3 1|0 1,025 5,750 Lot SqFt
1259 Hoover Street 4/10/18 1,408.84 $2,550,000 1.217 15 3 3|0 1,810 3,870 Lot SqFt
264 Leland Avenue 2/8/18 1,507.35 $4,100,000 1.173 9 4 3|1 2,720 7,050 Lot SqFt
1245 N Lemon Avenue 3/8/18 1,586.96 $3,650,000 0.973 100 3 3|0 2,300 10,200 Lot SqFt
8 Maywood Lane 4/3/18 3,138.71 $4,865,000 1.218 15 3 2|0 1,550 15,900 Lot SqFt
655 Oak Knoll Lane 4/6/18 1,717.64 $3,826,900 1.094 11 3 2|0 2,228 12,400 Lot SqFt
243 Oakhurst Place 2/21/18 1,560.51 $2,450,000 1.292 13 3 2|0 1,570 6,600 Lot SqFt
2138 Oakley Avenue 2/23/18 1,757.58 $2,900,000 1.454 8 3 2|0 1,650 6,000 Lot SqFt
355 Olive Street 2/21/18 1,500.00 $4,800,000 1.129 12 3 2|1 3,200 10,735 Lot SqFt
415 Olive Street 2/16/18 1,080.37 $5,555,250 0.976 77 4 4|2 5,142 12,100 Lot SqFt
1181 Orange Avenue 4/12/18 1,536.94 $3,100,000 1.071 8 3 2|0 2,017 6,250 Lot SqFt
1230 Orange Avenue 4/2/18 1,602.84 $2,260,000 1.027 9 3 2|0 1,410 5,170 Lot SqFt
1274 Orange Avenue 1/26/18 1,742.42 $2,875,000 0.983 34 4 2|0 1,650 8,236 Lot SqFt
120 Pope Street 3/20/18 1,500.00 $2,625,000 1.221 8 3 2|0 1,750 6,480 Lot SqFt
308 Princeton Road 2/6/18 1,925.47 $3,100,000 1.107 10 4 2|0 1,610 7,500 Lot SqFt
2115 Prospect Street 3/2/18 1,092.35 $3,040,000 0.95 11 5 3|0 2,783 9,975 Lot SqFt
4 Russell Court 2/16/18 1,613.92 $3,825,000 1.195 13 4 3|0 2,370 7,057 Lot SqFt
455 San Mateo Drive 1/19/18 1,163.86 $6,350,000 0.985 92 5 5|2 5,456 10,240 Lot SqFt
1358 Sevier Avenue 1/30/18 1,199.12 $1,355,000 1.362 4 3 1|0 1,130 5,750 Lot SqFt
103 Stanford Avenue 3/7/18 1,455.17 $2,110,000 1.172 29 3 2|0 1,450 6,000 Lot SqFt
161 Stanford Avenue 3/19/18 1,528.85 $4,001,000 1.147 10 4 3|0 2,617 5,650 Lot SqFt
12 Sunset Lane 2/20/18 1,295.96 $3,525,000 1.037 10 4 2|1 2,720 13,420 Lot SqFt
916 Timothy Lane 2/28/18 1,526.95 $2,550,000 1.421 11 3 2|0 1,670 7,085 Lot SqFt
315 Trenton Way 2/13/18 1,818.18 $3,000,000 1.201 6 3 2|0 1,650 6,405 Lot SqFt
323 Trenton Way 2/2/18 1,468.93 $2,600,000 1.136 0 3 2|0 1,770 9,800 Lot SqFt
1155 Trinity Drive 3/28/18 1,214.31 $6,788,000 1 10 5 5|1 5,590 25,200 Lot SqFt
1160 Trinity Drive 4/12/18 920.4 $3,700,000 0.974 26 3 3|0 4,020 14,375 Lot SqFt
10 Trudy Lane 4/5/18 1,380.95 $2,320,000 0.91 21 3 2|0 1,680 7,072 Lot SqFt
253 University Drive 3/29/18 1,282.40 $4,700,000 0.98 12 4 4|1 3,665 7,500 Lot SqFt
1846 Valparaiso Avenue 2/23/18 1,063.04 $3,710,000 1.062 22 4 3|0 3,490 12,319 Lot SqFt
2110 VALPARAISO 4/12/18 1,365.85 $2,800,000 1 0 3 2|0 2,050 6,000 Lot SqFt
7 Williams Court 4/6/18 1,869.43 $3,608,000 1.094 9 3 2|0 1,930 11,700 Lot SqFt
40 WILLOW Road 2/1/18 1,394.42 $3,500,000 1.25 5 4 3|0 2,510 9,800 Lot SqFt
333 Yale Road 1/31/18 1,960.78 $3,000,000 1.2 0 2 2|0 1,530 7,800 Lot SqFt