Central Menlo Park is desired by many for its’ large lot sizes (10,000+ square feet) and picturesque tree-lined streets. The quieter and less traveled the street, the higher the price point. New construction continues to be a big player in Central Menlo Park as developers purchase the coveted lots, tear down the older and often original homes, and build high end, custom 2- or 3-story homes that are popular with today’s buyer pool.
For homes listed on the MLS, the top sales prices for this quarter was $5,012,900 for a spacious ~5,900 sf home on San Mateo Drive, one of Menlo Park’s coveted streets. Off market sales are harder to sleuth out, though one noteworthy sale occurred for a newly constructed 5,500 sf, 3-story home on a 10,000 sf lot which sold for ~$5.5 million on a prime Central Menlo Park street.
New construction is selling for about $1,000/SF – $1,175/SF usually within 2 weeks on the market. Remember the rule of thumb that the larger the home, the lower the price per square foot, so smaller homes always trade at a higher price per square foot. Single story ranch-style homes located on prime streets, such as Bay Laurel Drive and Wallea Drive, are selling near $1,350/sf with their counterparts that are located on main thorough ways selling close to $1,050/sf.
In comparison to the same quarter last year, homes in central Menlo Park are selling much faster, as there has been a dramatic decrease in the time on the market for a home to sell. This 3rd quarter, the average days on market was only 18 days, whereas it took an average of 44 days to sell a property in central Menlo in Q3 2013.
- Average price per square foot increased by 17%
- Average sales price was down slightly by 15%
- Days on market (the time it takes to sell a property) shrunk by 60%
- The number of homes available sold increased by 50%
Note: Data does not account for off-market sales.