Suburban Park and Flood Park: 2015 Year in Review
The Data:
On an annual basis, the median sales price of single family homes in Suburban Park and Flood Park for 2015 was $1,520,000, a 17% increase over last year. Out of the 29 sales during the year, 3 were over $2,000,000 and were the first ever sales over $2 million in these neighborhoods.
Taking a step back and looking at the trend line over the past 10 years, the median sales price in Suburban Park and Flood Park grew 54% over the prior peak of $990,000 in 2007.
Significant Sales in 2015 Include:
383 Hedge Rd. (4 bd, 3 ba, 2,410 sf, 5,400 sf lot) Built in 2005 in a transitional style with high end finishes, sold for $2,800,000.
407 Bay Rd. (5 bd., 3 ba. 2,485 sf. 6,875 sf lot) Updated home in traditional style with a separate tea house in the backyard, sold for $2,400,000.
251 Oakhurst Pl. (5 bd. 3 ba. 3,200 sf. 7,920 sf lot) Built in 1999 in traditional style and sold for $2,200,000.
Although more homes sold in 2015 (29) versus 2014 (22) in Suburban Park and Flood Park combined, the general trend line since the peak in 2009 illustrates low inventory levels continued.
What does this mean for buyers?
Despite the rapid growth in these neighborhoods, the median sales price of $1,520,000, is the lowest of all the neighborhoods in the Menlo Park school district. With their tight knit communities, proximity to highway 101 for commuting and the Marsh Manor shopping center for restaurants and amenities, both Suburban Park and Flood Park are attractive neighborhoods for the entry level home buyer in Menlo Park. Buyers should be prepared with their financing in place and armed with a strong real estate agent to help you investigate each property and provide strong valuation guidance to help you prepare a competitive, yet smart, offer.
What does this mean for sellers?
If you are thinking about selling your home in this area in the next couple years, the time to act is now as home prices are at record levels. There are many buyers in the entry-level market who are anxiously awaiting inventory and now is the time to prepare and list your home to capitalize on our low housing inventory.
If you would like to receive listing alerts for a particular neighborhood to stay on top of the market, contact me and I can get you set up for free.
