Homes for sale in Menlo Park,CA have been selling quickly throughout the summer. In July, that slowed down a bit as both the number of sales and nunmber of listings dropped substantially. There were 32 homes sold in July at an average selling price of $1,378,121 - down about $250,000 from June. While only 38 new listings came on the market and none expired, there were homes that came on priced a bit high that just didn't sell.
There are several homes throughout Menlo Park, including a few in West Menlo Park, that have not sold due to pricing. However, most do eventually sell. The problem is that this is impacting the days-on-market figure which rose to 30 in July from 21 in June. My advice for buyers is to write an offer and see if the seller will move.
Comparing July 2012 to July 2011, the average selling price is up about 5% but the sales volume is down. There is 2.7 months of inventory which means it is still a sellers market. This is unlikely to change as well-priced homes sell fast.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022