There are definite opportunities in Monterey Hills right now for both first time home buyers and investors. For the first time, we’re actually seeing 2 bedroom and 2 bath condos fall under $300,000 thanks to short sales and hesitant buyers.
The inventory for condos remains pretty much the same. Even though looking at the graph below, the number of total Monterey Hills condos dropped to 16, there were 8 condo listings that expired which suggests that they will be relisted and put back on the Monterey Hills real estate market shortly. At today’s rate of condo sales of about 5 per month, there’s about 17 weeks of existing inventory available.
Investor Recommendation: Wait for condos to drop around $275,000 if you’d like to be at break even at about 25% down.
Homeowner Recommendation: The prices are much lower than the surrounding South Pasadena and are perfect for purchase to live if you see a condo that you like, especially if you’re thinking of holding on to it for 3 to 5 years. Go for it!
READ MORE: South Pasadena Real Estate Housing Market Report for May 08 to July 08
Monterey Hills Townhouses are still hard to find. Inventory of Monterey Hills Townhouse listings has dropped to 2. Only a couple sell per month, but that can be do to the lack of available townhomes to begin with.
| Condos | May-08 | Jun-08 | Jul-08 |
| New Listings | 7 | 5 | 8 |
| Total Listings | 26 | 24 | 16 |
| Sales Pending | 6 | 4 | 3 |
| Homes Sold | 5 | 4 | 5 |
| Listings Expired | 3 | 2 | 8 |
| Average Days on the Market | 83 | 136 | 79 |
| Average Price Per Sq. Ft. | $297 | $302 | |
| Average Selling Price | $356,400 | $304,520 | $344,578 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 20.8 | 17.3 | |
| Townhomes | May-08 | Jun-08 | Jul-08 |
| New Listings | 6 | 0 | 1 |
| Total Listings | 8 | 4 | 2 |
| Sales Pending | 0 | 1 | 2 |
| Homes Sold | 3 | 1 | 2 |
| Listings Expired | 0 | 0 | 0 |
| Average Days on the Market | 48 | 154 | 98 |
| Average Price Per Sq. Ft. | $401 | $302 | |
| Average Selling Price | $426,000 | $655,000 | $465,500 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 5.8 | 8.7 |
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 here.
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 (626-629-8439 or email me)
