If you are a buyer looking for condos in Monterey Hills, you are totally out of luck! There is no inventory!!!
Monterey Hills condos have always been a great investment and are easy to rent due to its proximity to USC Medical Center and downtown LA. Smart home owners are holding on to their investments and waiting to sell since the property values lost about 10% in equity over the last six months. On average Monterey Hills condos were selling at about $300 per sq. ft. and have been fluctuating around $270 or so.
If you don't have to sell, why should you when you can easily rent and wait for the real estate market to turn around! We are seeing multiple offers and lack of inventory all over Pasadena and South Pasadena and Monterey Hills is right behind these neighborhoods.
In March 2009, Monterey Hills had only 6 condos for sale and 1 townhome. Pretty amazing considering that there are over 1780 housing units on the hill.
You can still get a 2 bedroom, 2 bath condo for only $239,000 and be next to South Pasadena and Pasadena. Just take a look at the condos in Monterey Hills under $300,000.
Curious to see last month's Monterey Hills report?
Here's what the Monterey Hills Real Estate Statistics are looking like for January through March 2009:
|Average Days on the Market||23||242||64|
|Average Price Per Sq. Ft.||$277||$303||$265|
|Median Selling Price||$310,000||$325,725||$250,000|
|Average Selling Price||$310,000||$325,725||$276,300|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||10.8||30.3||8.7|
|Average Days on the Market||n/a||89||n/a|
|Average Price Per Sq. Ft.||n/a||$268||n/a|
|Median Selling Price||n/a||$550,000||n/a|
|Average Selling Price||n/a||$550,000||n/a|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||n/a||13.0||n/a|
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