The mid-winter months are traditionally “slow” for home sales throughout the Bay Area, but this past January and February saw fewer closed transactions on single-family homes and condos than in any same-months period over the last seven years. This statistic comes from CoreLogic, a data and analytics firm.Menlo Park numbers for sold homes don’t reflect the trend in the larger region, however.
Steady sales in Menlo Park
Looking just at single-family homes in Menlo Park, 29 were sold in January and February 2015 for an average of 14.5 per month. In the same two months a year ago, the number was 31 (15.5 per month). In 2013, 25 homes were sold (12.5 per month). These are steady sales figures, and if history is any indicator, the figures will pick up as the year progresses.
After a slow start in 2013, the rest of the year averaged 31.7 homes sales per month. The monthly average for the last 10 months of 2014 was 32.2.
The rate at which homes are selling also has remained fairly consistent over the past two years. The monthly average days on the market in 2013 was 24. That dropped just a little to 21.7 last year. So far, in January and February of 2015, days on the market are averaging 19.
Number of available homes has dropped
While sales figures are maintaining consistency, the inventory of homes in Menlo Park is dropping. This means buyers are facing fewer homes from which to choose, which has surely increased the intensity of bidding.
The big change came in November 2014, when 39 single-family homes were available, down from 68 the month before. From November to February 2015, the average monthly homes inventory was 34. In the first 10 months of 2014, the average was 73.5.
Currently there are 18 homes listed on the Menlo Park Multiple Listing Service. They range in price from $1,398,000 to $5,498,000.
It will be interesting to see how sales numbers fare if buyer interest remains high within a shrinking inventory of homes.