Real Estate Market Update – Monterey Hills, CA April 2009
We have seen the rise in Pasadena’s real estate market , Monterey Hills real estate is still depressed. Condo listings that are there are sitting and not selling. Price per square foot for Monterey Hills Condo sales dropped to mid $200s – about a 17% drop since 2008. Inventory of condos and townhomes is still non-existent given that there are close to 4,000 housing units on the hill.
Monterey Hills real estate statistics for January through April 2009:
| Condos | Jan-09 | Feb-09 | Mar-09 | Apr-09 |
| New Listings | 2 | 1 | 3 | 3 |
| Total Listings | 5 | 7 | 6 | 6 |
| Sales Pending | 1 | 3 | 3 | 5 |
| Homes Sold | 2 | 1 | 3 | 2 |
| Listings Expired | 3 | 0 | 0 | 2 |
| Average Days on the Market | 23 | 242 | 64 | 38 |
| Average Price Per Sq. Ft. | $277 | $303 | $265 | $254 |
| Median Selling Price | $310,000 | $325,725 | $250,000 | $269,000 |
| Average Selling Price | $310,000 | $325,725 | $276,300 | $269,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 10.8 | 30.3 | 8.7 | 7 |
| Townhomes | Jan-09 | Feb-09 | Mar-09 | Apr-09 |
| New Listings | 1 | 2 | 1 | 0 |
| Total Listings | 1 | 3 | 3 | 2 |
| Sales Pending | 0 | 1 | 1 | 0 |
| Homes Sold | 0 | 1 | 0 | 1 |
| Listings Expired | 0 | 1 | 0 | 0 |
| Average Days on the Market | n/a | 89 | n/a | 57 |
| Average Price Per Sq. Ft. | n/a | $268 | n/a | $270 |
| Median Selling Price | n/a | $550,000 | n/a | $386,000 |
| Average Selling Price | n/a | $550,000 | n/a | $386,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | n/a | 13.0 | n/a | 9 |
Data above from ITEC (Pasadena Foothill Association of Realtors)
Interested in seeing available Monterey Hills condos and townhomes? Below is “real time” multiple listing service information for your perusal:
For detailed Monterey Hills property information, please visit Monterey Hills condos for sale.
For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.
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If you are thinking of buying a Pasadena home, Pasadena condo or townhouse, 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
Pasadena, California
(626)629-8439
Posted: May 21st, 2009 under Monterey Hills, Real Estate Market Reports.
Tags: California real estate trends, Pasadena homes, real estate data
About the Author: Irina Netchaev
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