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Menlo Park Prices Inching Up
During the first quarter of 2011, the reported average sales price of a home in Menlo Park rose to $1,293,393, up from $1,276,515 in the fourth quarter of 2010. The second quarter of 2011 saw another increase, inching up to an average sale price of $1,363,751 slightly above the average sale price of the second quarter of 2010, which was $1,340,047. There were 61 reported sales in Menlo Park during the first three months of 2011, down from 82 closed escrows in the previous quarter, but equivalent to the number of sales during the same period of 2010. That number rose to 128 reported sales in the second quarter of 2011, comparing favorably with 105 closed transactions reported during the same three months in 2010.
Properties are taking slightly less time to sell than they did in 2010. The average length of time it took to sell a home shrank from 58 days on the market during the fourth quarter of 2010 to 39 days in the first quarter of 2011. This is also lower than the first quarter figure for 2010, which was an average of 64 days on the market. Average days on the market lengthened again in the second quarter of 2010 to an average of 48 days on the market. As of the middle of July, there were 52 homes for sale in the Multiple Listing Service, ranging in price from $249,000 to $4,895,000. The average list price of these properties was approximately $1,574,000 and they had been on the market for an average of 69 days. By comparison, there were 89 Menlo Park homes for sale in July of 2010.
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