Monterey Hills real estate is in a flux of confusion right now. Even though the volume of available condos and townhomes on the market is quite low, the prices are dropping at a rapid pace. The area has been affected by a number of short sales and foreclosures that are pulling the sales prices down. Buyers are taking a "wait and see" attitude.
It is now reasonable to expect to find a decent 2 bedroom condo with all the amenities for under $300,000. Monterey Hills sellers are still hoping for the mid $300,000 where the majority of the condo listings are. This will explain an average days on the market of the October condo listings of 142 days - over 3 months. These condos are also listed at an average of $333 per sq. ft. vs. the sold price per sq. ft. of $268. I don't see the market getting better for these sellers, but amazing opportunities exist for Monterey Hills condo buyers.
Search All Monterey Hills condos and Townhomes for Sale:
Monterey Hills Real Estate Statistics for August through October 2008:
| Condos | Aug-08 | Sep-08 | Oct-08 |
| New Listings |
2 | 2 | 1 |
| Total Listings |
14 | 12 | 10 |
| Sales Pending |
2 | 3 | 2 |
| Homes Sold | 2 | 2 | 3 |
| Listings Expired |
7 | 3 | 4 |
| Average Days on the Market |
77 | 108 | 75 |
| Average Price Per Sq. Ft. |
$295 | $313 | $268 |
| Median Selling Price |
$425,000 | $280,000 | |
| Average Selling Price |
$344,450 | $394,500 | $295,667 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
30.3 | 26.0 | 14.4 |
| Townhomes | Aug-08 | Sep-08 | Oct-08 |
| New Listings |
2 | 0 | 1 |
| Total Listings |
4 | 1 | 1 |
| Sales Pending |
0 | 3 | 1 |
| Homes Sold | 1 | 3 | 2 |
| Listings Expired |
2 | 0 | 0 |
| Average Days on the Market |
122 | 57 | 74 |
| Average Price Per Sq. Ft. |
$401 | $307 | $285 |
| Median Selling Price |
$394,500 | $467,500 | |
| Average Selling Price |
$655,000 | $425,667 | $467,500 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
17.3 | 1.4 | 2.2 |
Data taken from ITEC (Pasadena Foothills Association MLS service)
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Posted by Irina
Netchaev, Monterey Hills Real Estate Agent 626-627-7107
