March 16, 2009

Monterey Hills Condos: Real Estate Market Reprot for February 2009

Monterey Hills inventory of 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.

Monterey Hills has always been a great investment for property owners looking to rent their units. 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)

Search for available Monterey Hills condos and townhomes:

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

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