Month-over-Month Changes

In June 2024, the Menlo Park real estate market exhibited some notable changes compared to May 2024:

Homes Sold: 26 homes were sold in June 2024, marking a 35% decrease from 40 sales in May 2024.
Median Sale Price: There was a 12% increase in the median sale price, rising from $3,362,500 in May 2024 to $3,780,000 in June 2024.
Days on Market (DOM): The DOM increased significantly, rising from 9 days in May 2024 to 15 days in June 2024.
Percentage of List Price Received: Sellers received 104% of their asking price in June 2024, up from 103% in May 2024.

Analysis

The month-over-month data indicates a cooling trend in the Menlo Park market. Despite the decrease in the number of homes sold and the significant increase in DOM, the rise in median sale price and the percentage of the list price received suggest that demand remains robust. Sellers are still achieving above their asking prices, highlighting a strong seller’s market.

Year-over-Year Comparison

When comparing June 2024 to June 2023, the Menlo Park real estate market shows the following changes:

Homes Sold: The number of homes sold decreased by 16%, from 31 in June 2023 to 26 in June 2024.
Homes Listed: There was also a decrease in the number of homes listed, from 34 in June 2023 to 28 in June 2024.
Median Sale Price: The median sale price saw a significant increase, from $2.85 million in June 2023 to $3.78 million in June 2024.
Average Dollar per Square Foot: The average dollar per square foot rose from $1,532 in June 2023 to $1,594 in June 2024.
Median Days on Market: The median DOM slightly increased from 13 days in June 2023 to 15 days in June 2024.
Percentage of List Price Received: This percentage increased slightly from 103% in June 2023 to 104% in June 2024.
Months of Inventory: The months of inventory decreased from 1.8 in June 2023 to 0.9 in June 2024.

Analysis

Year-over-year, the Menlo Park market has seen a decrease in the number of homes sold and listed, which, combined with the substantial increase in the median sale price and the stable average dollar per square foot, suggests a tightening inventory and increasing demand. The slight increase in the percentage of the list price received and the drop in months of inventory further indicate a competitive market for buyers, making it a favorable time for sellers.

Price Points and Quadrants

The sales details for June 2024 were broken down by quadrants as follows:

Top Quartile: 7 homes sold, Median Sale Price: $6,300,000, Median DOM: 20 days, Avg. $/Sq.Ft.: $1,720.
Second Quartile: 7 homes sold, Median Sale Price: $4,350,000, Median DOM: 11 days, Avg. $/Sq.Ft.: $1,520.
Third Quartile: 6 homes sold, Median Sale Price: $3,030,000, Median DOM: 14 days, Avg. $/Sq.Ft.: $1,394.
Bottom Quartile: 6 homes sold, Median Sale Price: $2,170,000, Median DOM: 14 days, Avg. $/Sq.Ft.: $1,503.

Analysis

The data shows that all quadrants in the Menlo Park market are active, with higher-priced homes in the top and second quadrants seeing the most activity. This suggests a strong market for higher-priced homes, with quicker sales cycles and higher average prices per square foot. The competitive nature in these segments indicates robust demand, making it an opportune time for sellers in these price ranges.

Conclusion

The Menlo Park market in June 2024 exhibited a decrease in homes sold compared to the previous month and year-over-year. However, the increase in median sale price year-over-year and the steady percentage of the list price received indicate a strong seller’s market. The breakdown by quadrants reveals that higher-priced homes are particularly competitive, providing valuable insights for both buyers and sellers in understanding current market dynamics.

Data provided by MLS Listings and is deemed reliable but not guaranteed.