How hard is it to find a home in Menlo Park for less than $1,000,000? Asked and answered, you say?
I reported on this topic in April after the Broker Tour on the 18th. I wanted to see what the market is like today so I concentrated on the under million market again today. First of all, the inventory of single family homes has been decreasing in Menlo Park since January. At the end of April there was a month and a half of inventory of single family homes in Menlo Park. The months supply of homes is calculated by dividing the number of active listings by the number of sold listings in a given month.
There were five homes under a million in April and there are five homes available today, as well, out of 21 properties on the tour today. If we count a townhome, then there are six. I want to count that townhome because it is in the downtown area of Menlo Park. The property is at 984 Menlo Ave., #5. It is a two bedroom and two and a half bath home that is 1834 sf and listed at $910,000. It is in the Menlo Park Elementary School District. This home is a block from Santa Cruz Ave. and the shops and restaurants there.
The next property is at 316 McKendry Dr. and has had a price reduction to $949,500. It is three bedrooms and one bath on a 5005 sf lot. The home is 1090 sf and has had extensive remodeling.
The third property is at 530 Central Ave. This home is two bedrooms and one and a half baths. A half bath in our area is a bath with a toilet and a sink, just in case you wondered. It is 950 sf and is on a 7000 sf lot. There is a finished structure in the back that can be an artist's studio, hobby room or office. This property has alley access at the back as well and is listed at $848,500.
The fourth property is at 1025 Menlo Oaks Dr. This is a somewhat larger home than the last two at 1300 square feet and is on a 6000 square foot lot. This home has a structure in the back that may be the third bedroom and third bath to what is a two bedroom two bath house. This home is listed at $849,000.
There are 54 active homes under a million with a Menlo Park address on the MLS today. Not all of them are in either the Menlo Park School District or the Las Lomitas School District, but there are 40 properties -- single family homes or townhome/condos-- that are in those districts. I'm stressing this because buyers often hesitate to look at Menlo Park as a possible source for a home because of a perceived notion that 'you can't find a home in Menlo Park for under a million dollars'.
Following is the supply and demand chart for Menlo Park property from April 2009 through 2011. There has been an decrease by 35% of the number of for sale properties since 2009 and an increase of sold properties by 13%. If you are curious about other statistics of the Menlo Park market, just let me know and I'll get you the information. That goes of any city in the mid-Peninsula area.
Marge Draper, REALTOR
KELLER WILLIAMS REALTY MENLO PARK