The inventory for Monterey Hills condos and townhomes is becoming non-existent. Considering that there are close to 1,800 housing units on the hill, only 7 condos and 3 townhomes were available for sale in February. 2008 saw only 36 Monterey Hills condos and townhomes sold – about 3 a month. That number was significantly lower from just 3 years ago of 99 sales in 2005.
For property owners looking to rent their units Monterey Hills has always been a great investment. The proximity to USC and downtown LA makes these condos easy to rent. This could explain the decreased number of sales as owners are taking advantage of the easy rentals and holding on to their property until the market turns around.
Here are statistics for Monterey Hills Real Estate for December 2008 through February 2009:
| Condos | Dec-08 | Jan-09 | Feb-09 |
| New Listings | 4 | 2 | 1 |
| Total Listings | 7 | 5 | 7 |
| Sales Pending | 0 | 1 | 3 |
| Homes Sold | 2 | 2 | 1 |
| Listings Expired | 1 | 3 | 0 |
| Average Days on the Market | 24 | 23 | 242 |
| Average Price Per Sq. Ft. | $346 | $277 | $303 |
| Median Selling Price | $279,500 | $310,000 | $325,725 |
| Average Selling Price | $279,500 | $310,000 | $325,725 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 15.2 | 10.8 | 30.3 |
| Townhomes | Dec-08 | Jan-09 | Feb-09 |
| New Listings | 1 | 1 | 2 |
| Total Listings | 1 | 1 | 3 |
| Sales Pending | 0 | 0 | 1 |
| Homes Sold | 1 | 0 | 1 |
| Listings Expired | 0 | 0 | 1 |
| Average Days on the Market | 8 | n/a | 89 |
| Average Price Per Sq. Ft. | $276 | n/a | $268 |
| Median Selling Price | $390,000 | n/a | $550,000 |
| Average Selling Price | $390,000 | n/a | $550,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 4.3 | n/a | 13.0 |
Information gathered from ITEC (Pasadena Foothill Multiple Listing Service)
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Posted by Irina Netchaev, Monterey Hills Real Estate Agent 626-627-7107
If you are thinking of buying or selling your Monterey Hills Townhome or Condo please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents
445 South Fair Oaks Avenue
Pasadena, CA 91105
(626)204-3340
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