Monrovia real estate has been on the downtrend since the begining of the year. Median home prices for Monrovia has fallen almost $100,000 from January 1st 2008 through Sept 21, 2008 per Altos Research real estate, premier real estate analysis company. The number of days that it takes to sell a Monrovia home has been increasing as well with absorption rates for single family residences in the 5+ months range.
Even though the inventory for single family Monrovia homes has decreased, it is still at record highs.
August 2008 data shows that Monrvovia homes sell, on average, at 97.34% of asking price. This indicates that the home sellers are begining to price their homes more aggressively and closer to the actual selling price.
Lowest priced Monrovia condo is $195,000.
Highest priced Monrovia condo is $525,000.
There were 9 codominium and townhome price reductions in the month of August out of the 16 total listings. Below are July and August statistics for your review. The information was gathered from ITEC Pasadena Foothill Association.
| Single Family Residence | Jul-08 | Aug-08 |
| New Listings | 27 | 18 |
| Total Listings | 161 | 117 |
| Sales Pending | 23 | 6 |
| Homes Sold | 24 | 23 |
| Listings Expired | 12 | 15 |
| Average Days on the Market | 144 | 220 |
| Average Price Per Sq. Ft. | $350 | $341 |
| Average Selling Price | $513,854 | $488,632 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 29.1 | 22.0 |
| Condos and Townhomes | Jul-08 | Aug-08 |
| New Listings | 9 | 7 |
| Total Listings | 20 | 16 |
| Sales Pending | 11 | 1 |
| Homes Sold | 6 | 8 |
| Listings Expired | 6 | 1 |
| Average Days on the Market | 224 | 112 |
| Average Price Per Sq. Ft. | $302 | $273 |
| Average Selling Price | $418,000 | $353,738 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 14.4 | 8.7 |
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Posted by Irina Netchaev, Monrovia Real Estate Agent
