SF Peninsula Real Estate Guru

Kevin Boer of 3 Oceans Real Estate, a Palo Alto real estate broker recently posted on analysis of Menlo Park real estate market data. The median price of Menlo Park homes has dropped significantly over the past year or so. Have property values actually dropped? Local agents like Kevin Boer and myself are out seeing and selling property in our local market place. We know Menlo Park values HAVE NOT DECREASED. Kevin’s analysis indicates that over the past year or so inventory has increased dramatically in Belle Haven, a Menlo Park neighborhood located east of HWY 101. The Belle Haven area is the lowest priced neighborhood in Menlo Park (average price $600,000) and it has been especially hit with the subprime mortgage meltdown. Inventory has decreased in the more expensive areas of Menlo Park west of HWY 101 and especially west of El Camino. So what has happened is that lots of lower priced homes in Belle Haven have come on the market and DO NOT sell, therefore the median price of Menlo Park homes has dropped BUT VALUES have not gone down.

This clearly points out why statistics need to be taken with a grain of salt and also points out the important of working with an expereinced local agent who knows the market in order to give you the accurate up to date information on the market.