REAL ESTATE REVIEW

Menlo Park Annual Report: 2006

Last year, the average sale price of residential properties in Menlo Park continued to climb, from $1,430,614 in 2005 to $1,466,813 in 2006. This represents an increase of nearly $440,000 over the past five years. In 2004, the overall average price jumped to $1,205,303 from $1,009,898 in 2003. In 2002, the average was $1,026,954. It is worth noting that prior to 2000, the average price of a home in Menlo Park was well under $1,000,000.

Over the past five years, the median price of a home in Menlo Park has risen by 33%. The figure for 2006 was $1,270,000, representing a nice increase over the 2005 median of $1,255,000. The median sale price for all of 2004 was $975,000; for 2003 it was $849,000 and for 2002, $843,000.

The average period of time it took to sell a Menlo Park home lengthened by nearly two weeks in 2006. The average was 40 days on the market for the entire year, as compared to 28 days on the market in 2005. 2004 saw an average of 30 days on the market, while 2003 and 2002 showed figures of 45 and 37 days on the market respectively.