New Downward Trend in Contracts for Monterey Park Real Estate Market

Sales fell to 39 homes sold in the Monterey Park market over the last 30 days. Furthermore, a determined downturn in the number of pending transactions continued, with 21 completed in the same period. As contracts trended lower, prices have also been falling. The median sales price dropped to $598,000, extending a four-week long spiral. Despite the falling contracts numbers and prices, there are only two months of inventory remaining, indicating that Monterey Park is still a strong seller's market.

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Demographic facts for Monterey Park:

  • This area has a median house value of $410,300.
  • The area gets an average of 28 rainy days each year. (U.S. average: 100)
  • The area's unemployment rate is 11.5%.
  • The students per teacher ratio in this area is 22.6:1. (15.3:1 = national average)

Data reported through 10/12/2016

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RE/MAX MASTERS REALTY
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