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City of Rolling Hills Estates February 2012 Real Estate Market Report

After making a strong comeback in the average price per sq. ft. of homes sold in Rolling Hills Estates during the spring, of 2011  the most recent quarter showed an approx. 18% drop from the comparable quarter a year ago.  Because of the relatively small number of monthly sales, with only 4 homes sold during February 2012, the average monthly price per sq. ft. for this city is highly dependent on the type of homes sold during the month.

 

 

 
 
 
 
 
       
  Feb. 12 Jan. 12 % Change from previous month Feb. 12 Feb. 11 % Change from month 1 year ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change from 3 month period 1 year ago
Avg. Sq. Ft. Price 363 365 -0.7% 363 321 12.9% 360 439 -18%
 
 
 

 Horse Jumping at Dapplegray

 

The number of properties on the market in Rolling Hills Estates decreased substantially in December and increased slightly in January, but decreased in February 2012 again  4 properties were sold In February compared to only 2 properties sold during the previous 3 months.  Incredibly, of the 16 properties currently on the market, 14 are in escrow.

 

 

 
 
 
       
  Feb. 12 Jan. 12 % Change from previous month Feb. 12 Feb. 11 % Change from month 1 year ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change from 3 month period 1 year ago
For Sale 16 21 -23.8% 16 22 -27.3% 18 20 -10%
Sold 4 2 100% 4 2 100% 3 2 50%
Pended 14 7 100% 14 3 366.7% 8 2 300%
 
 
Homes sold have been averaging about 2 months to sell, however the average number of days on market for homes
sold during the last two months has increased to 4 to 6 months to sell.  This is indicative of the very low inventory
of homes on the market,  which means that homes that have been on the market for quite a while have now started to sell.
The homes sold in January and February also sold for only 85% of list price reflecting the fact that they had been on the market for a
long time
 
 
 
 
 
 
 
       
  Feb. 12 Jan. 12 % Change from previous month Feb. 12 Feb. 11 % Change from month 1 year ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change from 3 month period 1 year ago
Days on Market 230 131 75.6% 230 205 12.2% 164 112 46.4%
Sold/Orig LP Diff. % 83 88 -5.7% 83 78 6.4% 86 89 -3.4%
 
Although the list price of homes for sale has increased over the last 2 months, the average price of homes sold has
been much lower than the average list price.
 
 
 
 
 
 
 
       
  Feb. 12 Jan. 12 % Change from previous month% Change Feb. 12 Feb. 11 % Change from month 1 year ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change from 3 month period 1 year ago
Avg. Active Price 1436 1370 4.8% 1436 1475 -2.6% 1374 1318 4.2%
Avg. Sold Price 744 1090 -31.7% 744 845 -12% 983 1009 -2.6%
 
 Based on the average monthly sales for the last 3 months, there is currently a 10 month inventory of unsold homes.
 
 
 
 
 
       
  Feb. 12 Jan. 12 % Change from previous month Feb. 12 Feb. 11 % Change from month 1 year ago Dec. 11 to Feb. 12 Dec. 10 to Feb. 11 % Change from 3 month period 1 year ago
Months of Inventory (Closed Sales) 4 10.5 -61.9% 4 11 -63.6% 6 10 -40%
 
The following are the homes sold in the City of Rolling Hills Estates during the month of February 2012:
 
Address Sales           Price Price  Bd Bth Sqft  $/Sq Yr. Built  ML#  Sold Date     Days on Market
 

32 Deerhill DR                    $737,100 3 2.00 1,930 $381.92 1962 V11070011 2/24/12                235

51 Hitching Post DR           $850,000 3 3.00 2,209 $384.79 1956 V11077780 2/27/12                242

29362 Whitley Collins DR   $700,000 5 3.00 2,468 $283.63 1966 S11066555 2/02/12                 26

26431 Dunwood RD           $690,000 4 2.00 1,596 $432.33 1956 S11093740 2/17/12                148

 

Average                         $744,275 4.0 2.50 2,051 $363                                              163

My sense of the market is that it has become a relatively stable market, however buyers seem to continue to feel uneasy about the economy, and even with record low interest rates,  buyers remain cautious.
 
For other market reports for the Palos Verdes Peninsula, go to Market Reports on my website.
 
For a good article on the issues relating to the strengthening real estate market go to Real Estate Values. 

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 1 commentMaureen Megowan • March 16 2012 12:56PM

Comments

Maureen - What a comprehensive real estate market report for the Rolling Hills Estates area.  You really are a local expert for your area.  Nicely done!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) about 7 years ago

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