Arn Cenedella

Archive for the 'Menlo Park Real Estate' Category

Menlo Park real estate has strong Q2 2010

The following data will show that single family home market in Menlo Park saw a very strong second quarter 2010 (Q2 2010).

Move cursor over chart columns to see numeric data displayed.

All market metrics in Menlo Park moved in a positive direction:

Median price up 29.8% to $1,242,750 from $1,212,970
Average price up 11.0% to $1,345,900 from $1,212,970
Number of Menlo Park homes sold up 81.5% to 98 from 54
Number of pending sales of Menlo Park homes up 43.2% to 63 from 44.
Days on market down 29.9% to 38 days from 54 days.

It is interesting to note that the second quarters in 2008 and 2009 were stonger than the first quarters in 2008 and 2009. It will be intersting to see what the third quarter brings. My gut sense is that the market has shifted in a positive direction but maybe the storng Q2 is just the typical spring market activity.

Menlo Park Real Estate Week in Review June 13

14 new single family home listings came on the market this past week in Menlo Park.

To view these new listings in Menlo Park, click here.

11 single family homes in Menlo Park went pending sale this week.

106 single family homes in Menlo Park are currently for sale.

68 single family homes in Menlo Park currently have pending sales.

64.1% pending to active ratio in Menlo Park.

For Menlo Park market data, click here.

Monthly Home Sales: Palo Alto, Menlo Park, and San Carlos

Tracking recent monthly sales data in Palo Alto, Menlo Park, and San Carlos indicates the real estate market is getting stronger and more competitive for buyers.

I have been tracking percentage of sales at or above list price since the start of the year.

Data for the first four months of the year can be found here.

May 2010 Sales at or above list price

• 30.9% in Menlo Park, down from April’s 36.6%.
• 57.4% in Palo Alto, up slightly from April’s 56.2%.
• 75.0% in San Carlos, up from April’s 70.0%.

May 2010 Average Days on Market

• 40 average days on market in Menlo Park
• 27 average days on market in Palo Alto
• 14 days on market in San Carlos

Both metrics indicate the San Carlos market is stronger.

I am interested in why the data is different between these three cities.

Any ideas as to why this is happening?

San Carlos homes are at a lower price point than homes in Palo Alto and Menlo Park.

Perhaps the data indicates higher demand in the more affordable price ranges.

I will need to take a closer look, at the raw data below.

Menlo Park May 2010 sales data

Palo Alto May 2010 sales data

San Carlos May 2010 sales data

How’s the Market in Menlo Park?

How’s the Market in Palo Alto?

How’s the Market in San Carlos?

Menlo Park MLS map areas

Do you ever wonder exactly where all the various Menlo Park neighborhoods are?

Allied Arts? the Willows? Felton Gables? Sharon Heights? West Menlo Park?

Here’s a MAP to help.

Transfer Taxes upon sale of real estate

Transfer taxes on the sale of real property are collected by San Mateo, Santa Clara, and San Francisco Counties.

These transfer taxes are paid in escrow and are part of buyer and seller closing costs.

Typically, the County transfer tax is $1.10 per $1,000 of value and are generally paid by the seller.
So upon sale of a $500,000 house, the seller will pay a transfer tax of $1.10 x 500 or $550 to the County.

Some cities also have City transfer taxes.
On the San Francisco Peninsula; San Francisco, San Mateo, Palo Alto, Mt. View and San Jose have City transfer taxes.
Generally, city transfer taxes are spilt 50/50 between buyer and seller.

The City transfer tax in Palo Alto, Mt. View, and San Jose is $3.30 per $1000 of value.
So on a $500,000 sale in these cities, the City transfer tax is $3.30 x 500 = $1650.
Buyer pay $825. Seller pays $825.

The City transfer tax in San Mateo is $5.00 per $1,000 of value.
So on a $500,000 sale in San Mateo, the City transfer tax is $5 x 500 = $2500.
Buyer pays $1250. Seller pays $1250.

So if you are buying or selling in those cities, be sure to take into account these City transfer taxes.

Menlo Park Real Estate Week in Review May 23, 2010

17 new single family home listings came on the market this past week in Menlo Park.

To view these new listings in Menlo Park, click here.

11 single family homes in Menlo Park went pending sale this week.

107 single family homes in Menlo Park are currently for sale.

73 single family homes in Menlo Park currently have pending sales.

72.7% pending to active ratio in Menlo Park.

For Menlo Park market data, click here.

Looking for good schools?

Every parent wants to send their children to excellent schools.

School rankings play a big role in property values – the better the schools – the higher the property values.

2009 API scores have just been published and no surprise:

Menlo Park, Palo Alto, and San Carlos rank very well.

Click on City below to see API scores for each school in the City:

Menlo Park

Menlo Parks shows an average API of 931 with a low of 918 and a high of 940.

Palo Alto

Palo Alto shows an average API of 919 with a low of 861 and a high of 982.

San Carlos

San Carlos shows an average API of 896 with a low of 861 and a high of 917.

Sequoia Union High School District (which covers Menlo Park to Belmont)

High schools in this in this district have API scores from 740 to 827.

West Menlo Park real estate market update

West Menlo Park contains 4 distinct MLS areas:

Allied Arts/Downtown    

Central Menlo aka West Menlo    

County Area off Alameda aka University Heights 

Sharon Heights

To view current listings in each neighborhood, just click on neighborhood name.

Let’s look at April 2010 market data in each of these areas:

To get actual numeric data, just move your cursor over the graph.

Allied Arts

Central Menlo aka West Menlo

County Area off Alameda aka University Heights

Sharon Heights

How common are sales prices above list prices? Part 2

On April 10, 2010, I wrote a post “How common are sales prices above list prices?”

My analysis of sales data in Menlo Park, Palo Alto, and San Carlos indicated that in the first three months of 2010:

38.3% of the homes sold and closed in Menlo Park sold at or above list price.

46.5% of the homes sold and closed in Palo Alto sold at or above list price.

51.3% of the homes sold and closed in San Carlos sold at or above list price.

What happened in the month of April 2010?

36.6% of the homes sold and closed in Menlo Park sold at or above list price.

56.2% of the homes sold and closed in Palo Alto sold at or above list price.

70.0% of the homes sold and closed in San Carlos sold at or above list price.

The number of home sales above list price increased in Palo Alto and San Carlos during April 2010 above the first three months of the year. Clearly, the market in those two cities is heating up.

The number of homes sales above list price in Menlo Park remained unchanged at about 36%.

To view historical sales data by city or by neighborhood on a monthly, quarterly, or annual basis, click below:

Menlo Park Sales Data

Palo Alto Sales Data

San Carlos Sales Data

 

Weekly Market Watch – SF Peninsula April 17, 2010

SF Peninsula— In Burlingame, multiple offers are happening every day in the $600,000 to $1 million range, as entry level buyer are scrambling to meet first-time buyer deadlines. When the price is attractive enough, open homes are drawing big crowds. We had one Millbrae home open in pouring rain with over 60 attendees. Consistent activity at all price ranges was reported in Redwood City. Open houses have been well attended there regardless of Easter and pouring down rain. The market in Menlo Park is mixed. Spring break combined with Easter weekend caused the market to slow slightly. However, good new inventory is still flying off the shelf. There were a few multiple offer sales the last couple of weeks. Buyers are out there, dipping their toes in the water. Sales and inventory are also steady in Half Moon Bay. In Palo Alto, the market has mirrored the spring school breaks – the last week or so has been relatively slow for sales and inventory. But our local offices expect the north side of Palo Alto to have more sales activity in the near future. The south side is waiting for more inventory to hit the market.

For complete San Francisco Bay Area report, click here.