Sept. 17, 2008

Monterey Hills Real Estate Market Report August 2008

Interestingly enough, the inventory of condos and townhomes in Monterey Hills is dwindling drastically. Only 2 new Monterey Hills condos for sale came up on the market last month. One condo in Eaton Crest was listed for only $279,000. It's a great price for a 2 bedroom and 2 bath condo with over 1,000 sq. ft. I previewed it and was quite impressed. It has an updated kitchen a nice view of the hills and faces away from the pool. A great opportunity for a first time buyer or an investor.

Monterey Hills townhomes are almost non-existent. Only 4 Monterey Hills townhomes are on the market. There was only 1 closed sale in August and it was at 4267 Via Arbolada and closed escrow at $655,000.

READ ALSO: Monterey Hills Real Estate Market Update May 2008 to July 2008

Below are the Monterey Hills real estate market statistics for June 2008 through August 2008 for your review:

Condos Jun-08 Jul-08 Aug-08
New Listings 5 8 2
Total Listings 24 16 14
Sales Pending 4 3 2
Homes Sold 4 5 2
Listings Expired 2 8 7
Average Days on the Market 136 79 77
Average Price Per Sq. Ft. $297 $302 $295
Average Selling Price $304,520 $344,578 $344,450
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 20.8 17.3 12.1
Townhomes Jun-08 Jul-08 Aug-08
New Listings 0 1 2
Total Listings 4 2 4
Sales Pending 1 2 0
Homes Sold 1 2 1
Listings Expired 0 0 2
Average Days on the Market 154 98 122
Average Price Per Sq. Ft. $401 $302 $401
Average Selling Price $655,000 $465,500 $655,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 5.8 8.7 8.7

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link here.

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 626-627-7107

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