Monterey Hills Condos and Townhomes Market Update
This is a real estate market activity report for the Monterey Hills planned community in Los Angeles. In this report I will share closed transactions for the month of July as well as the first seven months of 2016 with a comparison to those same periods for
the previous two years. I will also include a recap of properties on the market for sale and in escrow. All statistical information has been gathered from our local 
multiple listing service(mls) and may not include all transactions in the community.
Located within the city of Los Angeles, zip code 90042, Monterey Hills is comprised of different condominium and townhome complexes as well as one single family home development in an idyllic hillside environment. The first residences in the area were built in 1979 with the latest, Bradley Court in 2000. The total number of residences in the community is 
over 1700. Terrific views, mature landscaping and resort-like settings along with its highly convenient and relatively affordable prices make the community one of the
best real estate values in the city of Los Angeles in my opinion. Despite its incredible accessibility, “The Hill” as some residents refer to it remains under-the-radar to many. This past weekend, I introduced two couples to the area who were impressed with their discovery.
Monterey Hills is a relatively short commute to Downtown Los Angeles, USC Health Science Campus and has easy access to multiple freeways and two Gold Line light rail stations. While Monterey Hills is all residential -- there are a variety of shopping, dining, cultural, recreation, entertainment and higher education options quite close.
Condo and Townhome Sales in Monterey Hills - July
There were 14 mls-reported closed transactions in July, 2016. These sales ranged from $265,000 to $515,000 with an average closed price of $407,929(median sales price $420,000). The sales price to last list price was 100.33% and the price per square foot for the month was $358.35 on average.
During July 2015, there were twelve reported sales ranging from $279,900 to $477,500 with an average sales price of $400,908(median sales price $400,500).
In July 2014, there were six transactions ranging from $287,500 to $479,000 with an average sales price of $395,833(median $408,000).
Monterey Hills Sales From January Through July
In the first seven months of 2016, there have been 55 sales according to our local mls statistics. These closed transactions range from $265,000 to $540,000 with an average sales price of $402,877 (median $403,000). As was the case for the month of July, so far in 2016, more than 60% of the sales in Monterey Hills have been at or above their last list price for an average of 100.76%. The average price per square foot for the year-to-date period stands at $358.40.
In the same January through July period in 2015, there were 56 sales reported ranging from $245,000 to $568,000 with an average sales price of $376,646(median $375,000). They have sold at 100.58% of last list price and for $336.19 per square foot on average.
During the same period in 2014, there were 47 sales. These sales ranged from $248,000 to $745,000 with an average sales price of $372,805(median $357,000). They sold at 98.77% of last list price. That high sale was a Bradley Court single family home which rarely come on the market.
What’s Currently For Sale in Monterey Hills?
There are currently eleven single level condos and two multi-story townhomes on the market for sale ranging in price from $339,000 to $595,000. There are an additional fourteen in escrow. Available inventory of properties for sale remains a challenge but sellers need to remain mindful that proper pricing and presentation are critical to a successful transaction - especially when a listing is newly available to the marketplace. Today’s buyers are quite savvy as to value as they may have lost a property(or two or five) in a multiple offer situation.
There are nuances for selling and buying in any neighborhood that require greater discussion and analysis. Different complexes, location within the complex as well as upgrades(or lack thereof) are just some of factors that need discussion. If you would like to know more about Monterey Hills real estate, let’s talk about what is important to you. I can be reached at 818.516.4393 cell.
Published: August 2, 2016
Monterey Hills Condos and Townhomes Market Update
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