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 August 2023 versus July 2023:
The Number of SOLD listings increased by 23% to 27 properties, with a top sale of $10,700,000 million at 1795 Bay Laurel Drive.
The Average Sales Price decreased by 11% to $3,234,074 million, moving the Average Price Per Square Foot up to $1,479 per square foot.
As measured in months supply, the inventory of properties available for sale decreased by 4% to 2.40 months’ worth of properties for sale.
The average 30-year fixed mortgage rate increased to 7.32%, according to Bank Rate.com.
If you’re considering buying or selling residential real estate, please get in touch with Gail.