So what's going on in Monterey Hills real estate market? I find it very curious that in the month of Septmeber no townhomes came on the market in Monterey Hills. New listings of Monterey Hills condos always remained at its lowest at only 2 condos that were listed.
Inventory, overall, is trending down each month from June to September with the sales at the all time low as well. Even with the lower unit volume of available condos, we are still looking at 26 week absorption rate. This means that if only 2 units continue to sell monthly at today's inventory levels, it will take sellers an average of 26 weeks to sell the existing inventory of 12 listings. Price per square foot ended at $313 and has been around the $300 range for awhile now.
The lowest priced condo in Monterey Hills is in Chadwick Terrace at 4260 Via Arbolada #204 - $258,000.
The highest priced condo in Monterey Hills is in Drake Terrace at 4141 Via Marisol #415 - $439,000. In my opinion, this condo is extremely overpriced at $391 a sq. ft.
Monterey Hills Real Estate Market Report - Juen 2008 through September 2008:
|Average Days on the Market||136||79||77||108|
|Average Price Per Sq. Ft.||$297||$302||$295||$313|
|Average Selling Price||$304,520||$344,578||$344,450||$394,500|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||26.0||13.9||30.3||26.0|
|Average Days on the Market||154||98||122||57|
|Average Price Per Sq. Ft.||$401||$302||$401||$307|
|Average Selling Price||$655,000||$465,500||$655,000||$425,667|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||17.3||4.3||17.3||0.0|
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