Monterey Hills Real Estate » Monterey Hills condos for sale http://www.montereyhillscarealestate.com Search All Monterey Hills Realtors Condos and Townhomes for Sale in MLS Wed, 23 Dec 2009 23:40:39 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Real Estate Market Report for Monterey Hills Townhomes and Condos – February 2009 http://www.montereyhillscarealestate.com/real-estate-market-report-for-monterey-hills-townhomes-and-condos-february-2009/ http://www.montereyhillscarealestate.com/real-estate-market-report-for-monterey-hills-townhomes-and-condos-february-2009/#comments Sun, 15 Mar 2009 19:36:19 +0000 irina http://www.montereyhillscarealestate.com/?p=48 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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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.

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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