Is Menlo real estate picking up?
To the observer, the number of “sold” signs in front of Menlo Park houses appears to be a growing. Maybe a demonstration that the sluggish real estate market has turned around? Barbara Slaton of Alain Pinel Realtors was good enough to share some statistics. No surprise that there is more inventory – about 2/3rds more than June 2008. And while the numbers are small – given the geographic size of the 94025 – sales are trending upwards – three times as many homes sold in June as in May. Prices have fallen from the record highs – just not in the dramatic way seen in other parts of the Bay Area and the state: The average listing price was down just over 10% from June of last year; the average selling price down almost 15%. Insider’s note: Out-of-the-area buyers peruse the Internet and then fly in for a quick inspective before purchasing.