Welcome to The Rossetti Realty Market Update.
If you’re considering buying or selling residential real estate, it’s essential to understand the current market trends.
According to MLS Listings, the marketplace for Menlo Park residential properties here’s what happened in May 2023 versus April 2023:
The Number of SOLD listings increased by 113% to 34 properties, with a top sale of $6.8 million at 1710 Croner Ave in Menlo Park.
The Average Sales Price decreased by 7% to $3.3 million, moving the Average Price Per Square Foot down to $1,524 per square foot.
As measured in months supply, the inventory of properties available for sale decreased by 34% to 1.90 months worth of properties for sale.
The average 30-year fixed mortgage rate increased to 6.90%, according to Bank Rate.com.
If you’re thinking about buying or selling residential real estate now or soon, it’s essential to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in, we’ll see you in the next Rossetti Realty Market Update.
Menlo Park
Average Sales Price
April 2023 – $3,551,625
May 2023 – $3,308,294
decreased by 7%
Average Days On Market
April 2023 – 37
May 2023 – 14
decreased by 62%
Average Sale Price Per Square Foot
April 2023 – $1,485
May 2023 – $1,524
increased by 3%
Sale to List Price Ratio
April 2023 – 98.50%
May 2023 – 102.90%
increased by 4%
Number of Sold Listings
April 2023 – 16
May 2023 – 34
increased by 113%
Months Supply of Inventory
April 2023 – 2.90
May 2023 – 1.90
decreased by 34%
Mortgage Rate
April 2023 – 6.48%
May 2023 – 6.90%
6% increased
Top 10 Sales
- $6,800,000 – 1710 Croner Avenue, Menlo Park, CA 94025
- $6,025,000 – 11 Hesketh Drive, Menlo Park, CA 94025
- $5,850,000 – 145 Garland Drive, Menlo Park, CA 94025
- $5,800,000 – 1220 Middle Avenue, Menlo Park, CA 94025
- $5,710,000 – 215 Hanna Way, Menlo Park, CA 94025
- $5,200,000 – 212 Felton Drive, Menlo Park, CA 94025
- $5,125,000 – 1860 White Oak Drive, Menlo Park, CA 94025
- $4,300,000 – 1339 Orange Avenue, Menlo Park, CA 94025
- $4,100,000 – 401 Menlo Oaks Drive, Menlo Park, CA 94025, USA
- $4,050,000 – 254 Leland Avenue, Menlo Park, CA 94025, USA