As a long-time resident and real estate agent specializing in Menlo Park properties, my neighbors often ask me, “How’s the market?”

This question can have vastly different answers according to the year, the season, and sometimes even the month in which it’s asked. I’m an optimist by nature and I always like to believe that the market is great. It’s wonderful to have the data to back me up.

For example, let’s look at the area of Menlo Park that’s east of El Camino Real, located between El Camino, Encinal Avenue, 101, and San Francisquito Creek. This area includes the following neighborhoods: Linfield Oaks, Felton Gables, Park Forest, Seminary/Vintage, Menlo Oaks, The Willows, Suburban Park, Flood Triangle, Lorelei Manor, and North Fair Oaks.

While the number of sales in this area remained about the same, in Q2 2013, the median price of a home rose to $1,250,000 compared to $1,025,000 in Q2 2010. That’s an 18% increase!

And while prices were rising, the number of days that a property stayed on the market has been cut in half—from 35 days in 2010 to 18 days in 2013. In the world of real estate with inspections, appraisals, loan approvals, and other steps involved before closing escrow, that is lightening fast!

Maybe most interesting is that although prices and demand are high, inventory is at its lowest point in three years with only 79 properties for sale during this time. In contrast, there were 102 properties on the market in Q2 of 2010.

As we enter the dog days of summer and interest rates start to creep up, we’ll most likely see a shift in the market. Things will start to slow down as buyers tire of the frenzy of the spring market and go on vacation.

If you’re a buyer, now might just be the perfect time to get serious and make a move while other buyers are lounging in the sun with a fruity drink. You’re likely to see less competition and fewer multiple offers on the house you want.

If you’re a seller, things are still in your favor. Inventory is low and demand is high. Although it might not be a bidding war bonanza, prices will stay stable and you’re still going to get a great price for your house.