Drop in Home Sales in Menlo Park, Atherton Blamed on Lack of Inventory

• The median sales price in zip code 94025 was $1.32 million, a 24.9 percent increase from a year ago.
• In zip code 94028, the median sales price topped $1.75 million, a 63.5 percent increase.

In Atherton, the median sales price in March fell to $2.2 million, a 54.2 percent decrease from a year ago.

Due to a lack of inventory, home sales have declined  slightly—0.6 percent—in the nine-county Bay Area. In San Mateo County, the decline was 14 percent. 

In Atherton, there were nine homes sold in March, an 25 percent decrease from March 2012. Sixty homes sold in Menlo Park in March. Sales in zip code 94025 fell 6.9 percent from March 2012, while they grew by 100 percent in zip code 94028.

Meanwhile, RealtyTrac reports the number of single-family building permits nationwide increased 27 percent in the first quarter of 2013 to the highest level since 2008.

At the same, the number of foreclosure starts nationwide declined 27 percent to their lowest level since 2006.

In fact, the number of building permits issued and foreclosure starts were roughly the same for the first time since 2007.

In Menlo Park, 2 building permit were issued during the first three months of this year, compared to zero during the same time period last year. There were five foreclosure starts, compared to 16 in the first quarter of 2012.

Atherton had four building permits issued in the first three months of the year, compared to five during that time frame in 2012. There was one foreclosure start there in the first quarter, compared to two during that period last year.