Though Menlo Park has its share of luxury properties, its character remains essentially modest. Charming, custom homes on pretty lots line quiet streets. The downtown business district offers a picture of suburban life as shoppers stroll beneath the trees, stopping for a sidewalk coffee, or an ice cream cone. Originally growing up around the train station, built in 1866 and a registered historic landmark, the City of Menlo Park was incorporated in 1927.

Menlo Park Highlights     Population: 29,964 Elevation: 63' Date incorporated: 1927 Average household income: $99,292 Number of homes: 12,738 Lowest sale price 2010: $174,000 Highest sale price 2010: $5,300,000 Average sale price 2010: $1,311,259

The name was taken from the sign "Menlo Park, 1854" which was painted on the gate erected by two early settlers who emigrated from Menlough in Ireland. Today, the excellent school system and the strong sense of community have made Menlo Park a highly desirable place to work and live. Menlo Park is also headquarters for much of the venture capital money fueling the Silicon Valley economy.

2010 in Review | Menlo Park

In 2010, the average sale price of residential property in Menlo Park increased by approximately $100,000 to $1,311,259. This is up from the 2009 figure of $1,239,814, which represented the lowest level since 2004. In 2005, 2006 and 2007, the average sale price stayed well above the $1,400,000 mark. In 2008, the average value reached a pinnacle of $1,553,064, marking the first time the average sale price of a home in Menlo Park had surpassed $1,500,000. In comparison, the average price of Menlo Park property in 2000 was $1,139,717. The average price of a home in Menlo Park for all of 2010 was $1,311,259.

In 2010, the median sale price of a residential property in Menlo Park rose to $1,200,000, after hitting a five year low of $1,095,000 in 2009. This extends what is generally an upward trend over the past nine years, beginning in 2001, when the median price was only $800,000. In 2008, the median was $1,386,000, a record high, and well above the median for 2007, which was $1,260,000. The 2007 figure was slightly lower than the figure for 2006, which was $1,270,000, but was still higher than 2005 median of $1,255,000.  Prior to 2005, the median price of a Menlo Park home was less than $1,000,000.

The average length of time it took to sell a Menlo Park home in 2010 was reduced to 51 days on the market, two weeks less than in 2009, when residential property remained on the market for an average of 65 days. By comparison, homes remained on the market an average of 46 days in 2008, 37 days in 2007 and 40 days in 2006. The 2005 and 2004 figures are even lower, at 28 and 30 respectively. In 2000, Menlo Park property took an average of a mere 22 days to sell.

The number of residential properties that closed escrow in Menlo Park rose again last year, with 355 transactions. In 2009, 315 properties were reported sold, following the record low of 300 Menlo Park homes sold in 2008. The 2010 total still represents a decline from the 409 transactions recorded in 2007, and the 377 properties that closed escrow during 2006. The 2010 total is significantly down from the 453 Menlo Park homes closed in 2005, and the 504 homes closed in 2004. The 2004 figure represents the highest reported number of closed sales since I began producing this report 12 years ago.