Real Estate Update Q3 2013 Menlo Park East of El Camino Real

Time to pack away the swimsuits and start packing school lunches. Summer is over and we are ready for the fall real estate season!

But first, a look at Q3…
This was a very predictable quarter. After a robust tail end of the Q2 market in June, things slowed down in July and August and then got a bit of a lift in September. New listings are an indicator of the market, so let’s take a look, June–September 2013:

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This follows a trend I’ve seen again and again in our local market over the past 20 years: A big spring market, followed by fatigue in the mid-late summer and a new selling season in the fall.

Some Q3 stats:

  • In Q3 we saw just 19 closed sales, compared to 43 closed sales in Q2
  • Days on Market in Q3 was 25, slightly down from 18 in Q2, but still indicating very quick sales
  • Pricing, however, didn’t move at all, with a median closed sale price of 1,250,000 in both Q3 and Q2
  • Interestingly, the median “For Sale” prices were $1,190,000 indicating that homes are selling for a little over asking

Predictions for Q4:
As I’m writing this, we are only 11 days into Q4 and already we have nine new properties on the market. It looks like we will have a strong fall market. Interest rates are still low. Buyer demand is high. Inventory is picking up again and buyers aren’t afraid to jump in.

For sellers: You’re still riding the wave of the high prices of the spring market, although the bidding may not be as frenzied now. Prices are holding steady and it’s still a great time to sell.

For buyers: Inventory is probably going to get better and there will be less competition in Q4. If you find a house you love and can afford, this is a time to go for it.

* Menlo Park East of El Camino Real includes the area located between El Camino, Encinal Avenue, 101, and San Francisquito Creek. This area includes the following neighborhoods: Linfield Oaks, Felton Gables, Park Forest, Seminary/Vintage, Menlo Oaks, The Willows, Suburban Park, Flood Triangle, Lorelei Manor, and North Fair Oaks.

 

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