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Monterey Hills Condos: Real Estate Market Report for February 2009

Monterey Hills inventory is down again 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

http://www.pasadenacarealestatehomes.com/009573

Posted on March 15, 2009 23:29:32

Posted in Monterey Hills, Real Estate Market Reports

Posted by:

Irina Netchaev

Comment from: San Diego Property Management [Visitor]

· http://www.adventmgmt.com

I don't understand the limited availability of properties. You'd think that in light of the economy that even MH would be affected with an ever increasing number of properties available with depressed resale value.

Permalink March 25, 2009 01:45:45

Comment from: Irina Netchaev [Member]

· http://www.pasadenacarealestatehomes.com

San Diego Property Management, yes... it is a bit counter intuitive. The rental market in Monterey Hills is doing so well that I think home owners are just holding for the long term. :-)

Permalink March 25, 2009 10:10:48

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