Menlo Park Inventories Down, Sales Up
Prices Are Down, But More Are Selling
Statistics for the month of December show that Menlo Park residents aren’t putting as many homes on the market, but the overall volume of sales and pending sales is up. With a 25% increase in number of homes sold and a whopping 300% increase of pending sales, more people are definitely getting their homes sold according to Dataquick.
The average sales price for a home in Menlo Park in December was $1,020,00 (down 4.1% compared to last December). I believe this low average sales price and higher volume has a lot to do with the first time home buyer tax credit that was being pushed so heavily towards the end of the year (which has been extended to April 30, 2010 for first time and now includes move up home buyers). The average listing price in Menlo Park for December was just over $1.7 million dollars, but it’s the homes closer to the million dollar mark that have been selling.
| 1 month | 1 year | 15 months | |||||||
| Nov 09 | Dec 09 | % Change | Dec 08 | Dec 09 | % Change | Oct 08 | Dec 09 | % Change | |
| Avg. Active Price | 1775 | 1745 | -1.7%  |
1464 | 1745 | 19.2%  |
1702 | 1745 | 2.5% |
| Avg. Sold Price | 1325 | 1020 | -23% |
1064 | 1020 | -4.1% |
1308 | 1020 | -22% |
