The median sale price for Q2 2015 in the Willows neighborhood of Menlo Park was $2,000,000, a 14% increase over the prior year.
Out of the 11 sales in the quarter, 2 were over $2,500,000. To put that into perspective, there have only been 12 sales in the Willows over $2,500,000 (ever), and 8 of them occurred in 2015 (6 in Q1 and 2 in Q2).
Significant sales in the quarter include:
145 Laurel Ave (3 bed, 2 bath, 2,340 SF plus guest house, 10,752 SF lot) Remodeled home with an open floor plan and three bedrooms plus an office in the main house and a separate studio guest house (no kitchen). The lot is over 10,000 sf, which is large for this neighborhood. The property was listed for $2,595,000 and sold for $3,301,000 with multiple offers.
262 O’Connor St. (4 bed, 2 ½ bath, 2,514 SF, 15,811 SF lot) Updated Craftsman style home on a very large lot, located near the soon-to-be-finished Menlo Park elementary school. The property was listed for $2,898,000 and sold for $3,100,000.
336 Concord Dr. (3 bed, 2 bath, 1,520 Sf, 6,000 SF lot) Updated bungalow on a quiet street in a prime location in the neighborhood. The property was listed for $1,949,000 and sold for $2,125,000 with multiple offers.
303 Robin Way (2 bed, 1 bath, 1,360 SF, 5,701 SF lot) Updated bungalow in a prime location in the Willows. The sale price is significant given the house had 2 bedrooms and 1 bath. The floor plan was gracious and the common rooms spacious. The backyard was efficient enough for a pool. The property was listed for $1,595,000 and sold for $1,960,000.
So what does all this mean?
Sellers: It is still a sellers market in the Willows. Buyers’ expectations for Willows valuations are settling in and the new entry-level price point in this neighborhood is approaching $2,000,000. Selling points for this neighborhood are strong with the proximity to the freeway for commuting, neighborhood amenities (coffee shop, deli, grocery, dry cleaning, preschools, park, etc), new elementary school in fall 2016 and proximity to downtown Palo Alto. If you are planning to sell in the near future, now is a good time to start the process. We are seeing an influx of relocating buyers who are frustrated with renting and prefer to own a home for their family to settle in.
Buyers: The Willows neighborhood is a wonderful place to live, I know as I lived here with my family for 7 years. The tight knit community, neighborhood amenities, highly rated Menlo Park schools and proximity to downtown Palo Alto and highway 101 for commuting make this an ideal neighborhood to live in. However, inventory here is tight and demand is high. To get a home in this neighborhood you need to be ready to act fast, do your homework and have strong valuation guidance to make your competitive, yet smart offer quickly.