The City of Rolling Hills Estates Real Estate Market, including the unincorprated area known as Palos Verdes Peninsula adjacent to the City, had shown relatively strong sales.
The number of homes for sale at the end of June of 22 homes is now 5% higher than the same time last year. The average number of homes sold per month in the 2nd quarter of 11 is 10% higher than the comparable quarter last year primarily due to very low inventory at the beginning of the year. This equates to about 2 months inventory.At the end of June, there were 10 homes in escrow.
The chart below is based on the latest months sales only.
The most recent quarterly average price per sq. ft. of properties sold of $514 per s.f. showed a 4% increase in price per sq. ft. for properties sold compared to the comparable quarter a year ago.
As noted below, the average time to sell a home in Rolling Hills Estates has averaged approx. 1 to 2 months during the 2nd quarter. The average percentage of sales price to original list price has also averaged about 99%.
The average list price for homes for sale at the end of the 2nd quarter 2014 of approx. $2.0 million is 22% greater than this time last year. The average sale price for homes during the 2nd quarter of $1.6 million is 20% higher than last year but shows that lower priced homes are selling faster than higher priced homes.
With continuing low interest rates and sellers in a negotiating mood, now is an excellent time to purchase a home.