May 21, 2009

Monterey Hills Condos and Townhomes - Real Estate Market Update

As much as Pasadena's real estate market is on the rise, Monterey Hills real estate is still depressed. Inventory of condos and townhomes is still non-existent given that there are close to 4,000 housing units on the hill. Condo listings that are there are sitting and not seeling. Price per square foot for Monterey Hills Condo sales dropped to mid $200s - about a 17% drop since 2008.

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 626-629-8439.


Pasadena Real Estate Agents

Pasadena, California

(626) 629-8439

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