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Monterey Hills Condos and Townhomes Real Estate Market Report September 2008

Monterey Hills Condos and Townhomes Real Estate Market Report September 2008

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:

Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 5 8 2 2
Total Listings 24 16 14 12
Sales Pending 4 3 2 3
Homes Sold  4 5 2 2
Listings Expired 2 8 7 3
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
         
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 0 1 2 0
Total Listings 4 2 4 0
Sales Pending 1 2 0 3
Homes Sold  1 2 1 3
Listings Expired 0 0 2 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)

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  

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Posted on October 8th, 2008
Posted by: Irina Netchaev

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