Central Menlo Park continues to lead the way for highest prices and largest homes available in Menlo Park. Menlo Park, a small city located on the San Francisco Bay peninsula, covers approximately 9.8 square miles of land. Central Menlo Park is one of a handful of neighborhoods in the town encompassing the very middle of the city between El Camino Real and Alameda de las Pulgas. The neighborhood boundaries are actually a little further in from these main streets, but you get the gist.
The Central Menlo Park market peaked in Spring 2014, with the highest average sales price of ~$4.35 million and an average price per square foot that climbed to ~$1,250/SF. True to the seasonality of real estate, inventory hit its highest level in the Spring. Many of us anticipated that inventory would continue to pick up in the Fall. Instead, the market slowed slightly, notching declines in both average sales price(~$2.88 million), and average price per square foot ($1,100/SF. The days on market for Central Menlo Park stayed consistent trending at an average 20 days for a property to sell for both 2014 and 2013.
People often ask me, “Who are the buyers for Central Menlo Park?” My response is that we have a high concentration of buyers from the financial industry (private equity, venture capital and investment bankers) as well as employees of successful technology firms located throughout the Bay Area.
- 1275 Santa Cruz sold for $5,750,000
5 beds/4.5 baths with 4,300 SF of living space on a 21,109 sf lot
- 1810 White Oak Way sold for $5,480,000
7 beds/5.5 baths with 5,700 SF of living space on a 12,400 sf lot
- 1015 San Mateo Drive sold for $5,030,000
5 beds/3.5 baths with 3,900 SF of living space on a 11,200 sf lot
2014 versus 2013 comparison:
- Annual Average price per SF – up 13% from $997/SF to $1,130/SF
- Annual Average sales price – up 9% from $2.85mm to $3.1mm
- Days On Market – stayed the same at 20 days
- Inventory levels – annual amount stayed the same with approximately 46-48 homes available for sale