Where can I find average home sale prices for homes that are 4/3 vs 3/2?

Asked by In Menlo, Menlo Park, CA Thu Nov 18, 2010

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Marcy Moyer’s answer
Marcy Moyer, Agent, San Ramon, CA
Thu Nov 18, 2010
I just re-ran the data using only central Menlo Park, the area near downtown and Allied Arts. It is interesting;

For 3/2 the average sale price is $1,571,824. the average square footage is 1,988 and lot size is 8826.

For a 4/3 the average price is $2,311,611 with an average square footage of 2,960 and lot size of 12,319.

So the difference in price is not so much location as size of home and lot that are making up the big difference in price. In order to get a true value on this I think you would need to narrow the average square footage and lot size to a more similar number to get the market value of the additional bedroom and bath.
Web Reference:  http://www.marcymoyer.com
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Marcy Moyer, Agent, San Ramon, CA
Thu Nov 18, 2010
In Menlo,
I just ran the numbers on MLS listings. For a 4/3 in the last year the average price was $1,999,441 and for a 3/2 it was $1,187,395.
This difference seems pretty out of whack for me. An appriaser would probably give and extra bedroom and bath only about 100K extra value. If you add an additional 400 square feet at 250-300 dollars a square foot you would spend about $100,000 to $120,000. So in this case I think the large difference on MLS might have to do with lot size and square footage as well as location in Menlo Park. There are more 3/2 omes in the less expensive areas of Menlo Park then 4/3.

Marcy Moyer
DRE 01191194
Web Reference:  http://www.marcymoyer.com
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Lisa Keith, Agent, Menlo Park, CA
Thu Nov 18, 2010
Go to mlslistings.com (the consumer site), check the search criteria you want, and then look at the 'Market Snapshot'. It shows average active and sold prices.
Web Reference:  http://www.mlslistings.com
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