Central Menlo is considered Menlo Park’s most desirable neighborhood and there are plenty of things to love about it—close proximity to downtown, a short walk to the elementary and middle schools, quiet tree-lined streets and beautifully maintained homes. Like a lot of Peninsula communities, Central Menlo is also transitioning as older, ranch-style homes are torn down and replaced by much larger, new homes, often on three levels and reaching prices in the $5 to $7 million range. Each year, on average 60 or so homes sell, and the current median price ranges around $3.5 million.
Let’s take a look at third quarter’s activity.
Activity and Inventory
The average number of homes for sale at the end of each month in the quarter was up from five last year to seven this year. Yet the number of sold homes decreased from 12 in Q3 of 2015 to nine this past quarter. This drop is in part due to the mix of homes available. Last year we had more new homes on the market, and they generate the most interest:
Days on Market
The time it took for homes to sell was almost the same with the median number of days at 48 this year versus 49 last year:
Median prices were down 4%, from $3.74 million to $3.6 million. This can also be attributed to the mix of sales. At this time last year six new/newer homes priced at the upper range for the neighborhood sold versus only two this year.
One property of note that sold this quarter was a well-located, very stylishly remodeled ranch. It had been taken down to the studs two years ago by the owners—who were experienced at remodeling—and it still felt like new. Despite its small size (2350sf), it fetched $4 million dollars or $1700 per square foot, compared to the neighborhood average of $1300. Homes like these are ideal for the discerning couple looking to downsize into something beautiful, like-new, close to town and on one level. If you have an older ranch and are up for a major remodel project, this may be a good investment of your time and treasure. But having remodeling experience makes all the difference!