Free Market Analysis
What Is My Monterey Hills Condo Worth?
Sales Prices Are Increasing
Inventory Challenges - Buyers Are Ready
What Is My Monterey Hills Condo or Townhome Worth?
FREE MARKET ANALYSIS
This is a real estate market activity report for the hilltop community of Monterey Hills in the city of Los Angeles zip code 90042. In this report I will share information regarding properties for sale, in escrow and sold in the first eleven months of 2017 with a sales comparison to the same time period i the two most recent years. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions in the community.
Monterey Hills is a community of various condos, apartments and townhomes in separate complexes along with a 16 home planned unit development(known as a P.U.D.). The idyllic hillside setting is just east of the Arroyo Seco Parkway(110). The Hill as it is sometimes called features nearly 20 different individual communities(each with their own homeowner association commonly referred to as a HOA) which range in size from 16 single family residences(again, the planned unit development I previously mentioned to a 198 condominium complex(Eaton Crest one of the first to open). Most of individual communities feature resort-like grounds with a pool and spa. Some will feature sports courts, fitness centers, recreation/meeting rooms, saunas along with other amenities. The hilltop location means there are often views from some units - park, city, pool, hillside and/or canyon. It’s common to see people out-and-about in the community enjoying a stroll with a pet, a jog around the winding streets or relaxing in Budd Wiener Park.
The location is highly convenient to multiple freeways and two Gold Line light rail stations which makes commuting to Downtown Los Angeles as well as both the San Gabriel and San Fernando valleys relatively easy. The USC Health Science Campus is nearby as well. Surprisingly, the location remains somewhat under-the-radar when it comes to buyers looking for a very affordable lifestyle as I believe Monterey Hills continues to offer one of the best real estate values in Los Angeles today. Additionally, the highly accessible location makes Monterey Hills a good choice for those looking to start or add to a long term rental investment strategy
There are currently just three condos and no townhomes available for sale in Monterey Hills with an additional five properties(all condos, no townhomes) in escrow. The units available for sale range in price from $420,000 to $479,900.
From January through November, there have been 97 mls-reported closed transactions. These sales range in price from $295,000 to $635,000 with an average sales price of $441,420(median sales price $440,000). Nearly 90% sold at or above last list price for an average 101.80% sold-to-list price. The average price per square foot stands at $391,60 for the eleven-month period.
In the first eleven months of 2016, there were 93 reported sales ranging from $265,000 to $605,000 with an average price of $402,459(median $398,000). More than 60% sold at list price or greater for an average of 100.23%, The average price per square foot for the January through November 2016 time period was 338.50.
There’s always a story behind the numbers and in this case inventory continues to be an issue in Monterey Hills. Considering the number -- nearly 1600 -- residences in Monterey Hills, current low inventory of properties for sale continues to favor sellers. Be aware condos and townhomes on the Hill need to be well-priced, well-presented and available to be seen. Available to be seen? That seems obvious, right? Well, with a number of properties occupied with tenants - ease of showing is an important factor to consider when placing a property on the market for sale.
Buyers looking on The Hill as in other places in our area continue to be mindful of value and while the availability of units for sale is low, there are many buyers who may have seen most if not all in a certain price range. Many buyers are quite aware of value.
If you would like to know more about Monterey Hills real estate whether you are a prospective buyer or a homeowner thinking of selling contact me at 818.516.4393 cell. I look forward to learning what is important to you.
Published: December 5, 2017
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