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Monterey Hills Condos and Townhomes Report for January 2009

Monterey Hills housing report for November 2008 through January 2009

Monterey Hills condo and townhome inventory is almost non-existent in January. Two new condos came up on the market and two condos closed escrow. Only one townhome is available for sale on the hill.

Considering there are 21 condo complexes with close to 1,800 condo and townhome units, the supply of condos isn't quite there. The demand is not quite there as well with price per square foot falling to $277.

It'll be interesting to track the developments on the hill over the next few months. In the meantime, here're Monterey Hills statistics for the last three months:

Monterey Hills
Condos	Nov-08	Dec-08	Jan-09
New Listings	0	4	2
Total Listings	8	7	5
Sales Pending	1	0	1
Homes Sold	4	2	2
Listings Expired	0	1	3
Average Days on the Market	100	24	23
Average Price Per Sq. Ft.	$298	$346	$277
Median Selling Price	$324,000	$279,500	$310,000
Average Selling Price	$322,000	$279,500	$310,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	8.7	15.2	10.8

Townhomes	Nov-08	Dec-08	Jan-09
New Listings	1	1	1
Total Listings	1	1	1
Sales Pending	0	0	0
Homes Sold	0	1	0
Listings Expired	1	0	0
Average Days on the Market	n/a	8	n/a
Average Price Per Sq. Ft.	n/a	$276	n/a
Median Selling Price	n/a	$390,000	n/a
Average Selling Price	n/a	$390,000	n/a
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	n/a	4.3	n/a

Search for available Monterey Hills condos and townhomes:

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.

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

http://www.pasadenacarealestatehomes.com/0094BA