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 July 2023 versus June 2023:
The Number of SOLD listings decreased by 31% to 57 properties, with a top sale of $11,100,000 million at 1205 Johnson Street.
The Average Sales Price increased by 4% to $3,651,852 million, moving the Average Price Per Square Foot down to $1,368,000 per square foot.
As measured in months supply, the inventory of properties available for sale increased by 24% to 2.60 months’ worth of properties for sale.
The average 30-year fixed mortgage rate increased to 6.98%, according to Bank Rate.com.
If you’re considering buying or selling residential real estate, please get in touch with Gail.