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Redfin Real Estate Forums :
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3 yrs of high-end inventory in Menlo Park & San Mateo County
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3 yrs of high-end inventory in Menlo Park & San Mateo County
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NetReality
Contributor
Posts: 22
Registered: 02-23-2009
Message 1 of 24
Viewed 1,097 times
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After seeing in the press that the avg Menlo Park sold price in Sept was $482k, I took a closer look at the price tiers: <$750k 22 sold vs. 44 available = 6 months of inventory (crack houses near 101) $750-$1m 7 sold vs. 23 available = 10 months of inventory (shacks) $1-2m 14 sales in 3 months, 60 available = 13 months of inventory (shacks in the good part of town to nice middle-class houses) $2m+ 3 sold in 3 months, 39 available = 3+ years of inventory (luxury on small lots to decent estates)
Total 46 sold vs 166 available = 11 months of inventory
Avg asking price = $1.25 m Avg sold price past 3 months = $780k
MPK is the weirdest market. Sellers are delusional if they think there's even a remote chance they can sell a place for over $2m right now, but apparently there are at least 39 that think they have a chance. In fact, there are 406 properties for sale over $1.5m in San Mateo County, also close to 3 years of inventory. Why doesn't the press or any of the realtors mention this little tidbit to sellers?? What's going to break this log jam?
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10-31-2009 11:19 PM
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Re: 3 yrs of high-end inventory in Menlo Park & San Mateo County
[ Edited ]
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TomP
Regular Contributor
Posts: 323
Registered: 06-18-2009
Message 2 of 24
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Strange, im sure if you walk into any open house, we will certainly will hear of "multiple offers, place your best and highest offer". Maybe putting in a highly discounted amount by 30-50% off will be the only and best offer they get! Food for thought! $1-$2M for a home which was selling for under $400K before the bubble began... only in PaloAlto.com The crack houses were selling for under $100K before the bubble.. they too need to go down. Message Edited by TomP on 11-01-2009 01:15 AM
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11-01-2009 01:13 AM
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Re: 3 yrs of high-end inventory in Menlo Park & San Mateo County
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elt
Regular Contributor
Posts: 50
Registered: 09-13-2009
Message 3 of 24
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Net Reality, Where do you get your stats? The MLS says there are 40 sold houses in the last 10 months over $2m in Menlo Park. There 28 now active on the Market--that is a six month supply not 3 years. In the Menlo market there are several areas with widely varied prices--average prices mean very little. In the low end, most house are getting multiple offers. In the high end, homeowners are slow to drop their prices so many will sit on the market or be withdrawn if they don't get their price.
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11-01-2009 01:00 PM
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Re: 3 yrs of high-end inventory in Menlo Park & San Mateo County
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TomP
Regular Contributor
Posts: 323
Registered: 06-18-2009
Message 5 of 24
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"In the Menlo market there are several areas with widely varied prices--average prices mean very little. In the low end, most house are getting multiple offers." Please do share, who put in the multiple offers in, and what price range they were in. I am sure lots of people who like to buy would like to have some transparency and honesty.
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11-01-2009 11:10 PM
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Re: 3 yrs of high-end inventory in Menlo Park & San Mateo County
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elt
Regular Contributor
Posts: 50
Registered: 09-13-2009
Message 6 of 24
Viewed 753 times
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TomP, If you want stats ask your Redfin Realtor to search the Mls. In the last 3 months houses in Menlo under $800k sold in 59 days averaging $3k under asking($483k sold, $486k ask). Over $800K average DOM 63 days. Average ask $1.666k, sell $1.609K. These are classic sellers markets although prices are off 10-30% from 2006 highs. I personally know of a house on 8th and one on 7th that each got more than 20 offers. Again ask your agent for more data.
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11-01-2009 11:39 PM
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Re: 3 yrs of high-end inventory in Menlo Park & San Mateo County
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elt
Regular Contributor
Posts: 50
Registered: 09-13-2009
Message 9 of 24
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Andyphil? 658 17th and 523 8th both had 20 offers or more. There are many other examples in Fair Oaks with multiple offers. 500? Palmer for one. Get a realtor that knows the area if you are serious about Fair Oaks. Do your own research, obviously you don't trust mine. Blanket assertions about a 30-50% drop in prices is just wild speculation.
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11-02-2009 09:38 AM
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