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Monrovia Real Estate Market Housing Report – August 2008

Monrovia Real Estate Market Housing Report – August 2008

Monrovia real estate has been on the downtrend since the begining of the year.  Median home prices for Monrovia has fallen almost $100,000 from January 1st 2008 through Sept 21, 2008 per Altos Research real estate, premier real estate analysis company.  The number of days that it takes to sell a Monrovia home has been increasing as well with absorption rates for single family residences in the 5+ months range. 

Even though the inventory for single family Monrovia homes has decreased, it is still at record highs.

August 2008 data shows that Monrvovia homes sell, on average, at 97.34% of asking price.  This indicates that the home sellers are begining to price their homes more aggressively and closer to the actual selling price.

Lowest priced Monrovia condo is $195,000.

Highest priced Monrovia condo is $525,000.

There were 9 codominium and townhome price reductions in the month of August out of the 16 total listings.  Below are July and August statistics for your review.  The information was gathered from ITEC Pasadena Foothill Association.

Single Family Residence Jul-08 Aug-08
New Listings 27 18
Total Listings 161 117
Sales Pending 23 6
Homes Sold  24 23
Listings Expired 12 15
Average Days on the Market  144 220
Average Price Per Sq. Ft. $350 $341
Average Selling Price $513,854 $488,632
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 29.1 22.0
     
Condos and Townhomes Jul-08 Aug-08
New Listings 9 7
Total Listings 20 16
Sales Pending 11 1
Homes Sold  6 8
Listings Expired 6 1
Average Days on the Market  224 112
Average Price Per Sq. Ft. $302 $273
Average Selling Price $418,000 $353,738
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 14.4 8.7

 

SEARCH MONROVIA HOMES FOR SALE

SEARCH MONROVIA CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, Monrovia Real Estate Agent

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Posted on September 24th, 2008
Posted by: Irina Netchaev

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Monrovia Real Estate – State of the Housing Market Report

Monrovia Real Estate – State of the Housing Market Report

If you are living in Monrovia or are thinking about relocating to Monrovia, you’ve come to the right place.

This post will be updated monthly, around the first week of the month, for the previous month and will give you key real estate market indicators for Monrovia California. Bookmark this page and visit it each month to see how Monrovia homes and condos are faring in today’s real estate market.

If you are already an Monrovia homeowner and would like to get a monthly email sent to you with real estate activity around your Monrovia home, please click here to request your real estate monthly market report. This very comprehensive real estate market report will be emailed to you weekly and will give you a clear idea of real estate market trends.

If you are seriously considering selling your Monrovia home, condo or townhouseand would like a private consultation, please contact me at 626-627-7107 or Irina@Irina4RealEstate.com.

Monrovia Real Estate Market Report for the month of July 2008:

The median sales price of Monrovia Single Family Residence (SFR) has dropped from the high of approximately $650,000 last year to just around $575,000 as of August 3rd. The average price for last month is running in the low $513,000 range. The price per square foot has dropped accordingly and the market time is increasing to over 4 months.

The summer months have held pretty stable with most of the drop in price taking place in the winter and spring.

One of the concerns, potential buyers raise was the recent shooting at the Monrovia high school. In speaking with Monrovia residents, the general concensus is that the school and Monrovia police department are taking the necessary action to address the issues that lead up to the shooting.

Overall, this is a wonderful family community with older, character homes and stable long term residents.

All the real estate indicators are pointing to Monrovia presenting opportunities for buyers.

Single Family Residence Jul-08
New Listings 27
Total Listings 161
Sales Pending 23
Homes Sold 24
Listings Expired 12
Average Days on the Market 144
Average Price Per Sq. Ft. $350
Average Selling Price $513,854
   
   
Condos and Townhomes Jul-08
New Listings 9
Total Listings 20
Sales Pending 11
Homes Sold 6
Listings Expired 6
Average Days on the Market 224
Average Price Per Sq. Ft. $302
Average Selling Price $418,000
   

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your Monrovia house search, please click on the search home link here.

For weekly updates on 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 626-627-7107

Posted on August 6th, 2008
Posted by: Irina Netchaev

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