The market remained strong but slight changes to market fundamentals led to a leveling in market prices. There were nine closed sales in the Suburban Park/Flood Triangle/Lorelei Manor neighborhoods of Menlo Park, with an average price of $1,559,444. The highest priced sale was 1071 Tehama Avenue, an updated home on an 8,400 sq ft lot which sold for $1,750,000. Other than the election, the other big news was interest rates crept up and we ended the year with the 30 year fixed over 4%. While this is an exceptional change from last year, the sense is it will not have a large impact on sales.
The neighborhood’s closet shopping area, Marsh Manor, has really come to fruition after a recent makeover. With the addition of Eva Sweets, Squeeze In and the summer Music on the Patio series, this once sleepy strip has become a destination and meeting place.
We began 2017 with a lower than usual inventory and what appears like a strong buyer pool fueled by high paying tech jobs and resolved to the current interest rate and political landscape.