SF Peninsula Real Estate Guru

We see countless reports about average and median prices going up or going down.

This kind of data while giving some information about the market always needs to be taken with a grain of salt. At any given time in any given market, certain price ranges may be stronger than others. So if in a given market, homes in the higher price ranges are selling more frenquently than those in the lower price ranges; the average and median price may increase even if market values in reality do not increase. The converse is also true - if the lower end gets hot and the upper end slows, average and median prices may drop eventhough values are actually going up.

The better data to get a handle on what the market is doing is to track the same property over time.

A new listing just came on in west Menlo Park that will allow us the opportunity to get some concrete data as to what the market has done over the past 5 years and give us a better idea of where the market is in relation to a year or so ago.

1326 American Way listed by Louise Guzzo of Cashin Company (650 598-4900) at $1,225,000.

The home is a 2 bedroom 2 bath home with a small addition to the rear - contains 1,370sf of living area and sits on a 6,000sf lot.

This home last sold April 19, 2002 for $895,000 (bid up from a $765,000 list price).

I saw the home when it was on the market in 2002 and I toured the home today. I can tell you the current owner has done little or none significant updating to the home. The home is basically similar to what it was back in 2002. Therefore, the difference in the 2002 purchase price and the 2007/8 sales price should be primarily a result of the appreciation of property values in the west Menlo area over the past 5 or so years.

So let’s see what the property sells for!