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)
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Posted by Irina Netchaev, Monterey Hills Real Estate Agent 626-627-7107
