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City of Rolling Hills Estates 2nd Quarter 2012 Real Estate Market Report

The following is the 2nd quarter 2012 Real Estate Market Report for the City of Rolling Hills Estates, including the unincorprated area known as Palos Verdes Peninsula adjacent to the City.

The number of homes for sale had decreased substantially the last several months to only 17 homes on the market at the end of the 2nd quarter. Sales increased substantially in the second quarter to an average of 12 homes sold per month, a 300% increase over a year ago, with another 10 homes in escrow at the end of the quarter. Due to the low number of homes for sale, and the brisk pace of sales, there is currently less than 2 months of inventory of unsold homes.

 

 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
For Sale 17 19 -10.5% 17 34 -50% 18 31 -41.9%
Sold 17 10 70% 17 1 1600% 12 3 300%
Pended 10 12 -16.7% 10 5 100% 9 4 125%
 
 
 
 Horse Jumping at Dapplegray
 
 
 
 
 

The most recent quarterly average price per sq. ft. of properties sold of $447 per s.f.  showed a 15% decline in price per sq. ft. for properties sold compared to the comparable quarter a year ago.  Average sales price per sq. ft. did improve during June, a 6% increase over June 2011.   Because of the relatively small number of monthly sales, the average monthly price per sq. ft. for this city is highly dependent on the type of homes sold during the month.

 
 
 
 
 
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago% Change
Avg. Sq. Ft. Price 471 414 13.7% 471 447 5.6% 447 528 -15.4%
 
 
 
 
As noted below, the average time to sell a home in Rolling Hills Estates has averaged from 2 to 3 months during
the 2nd quarter. . The average percentage of sales price to original list price has also averaged about 96%.
 
 
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Days on Market 90 92 -2.2% 90 13 592.3% 75 49 53.1%
Sold/Orig LP Diff. % 94 94 0%     94 97 -3.1% 96 94 2.1%
 
The average list price for homes for sale during the second quarter 2012 of approx. $1.6 million is 16% higher than the comparable quarter last year. The average sale price for homes during the 2nd quarter , however is only approx. $1.3 million , indicating that lower priced homes are selling faster than higher priced homes.
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Avg. Active Price 1645 1573 4.6% 1645 1366 20.4% 1591 1370 16.1%
Avg. Sold Price 1387 1204 15.2% 1387 810 71.2% 1295 1436 -9.8%
 
The number of months of unsold inventory of homes has decreased from about 10 months at the beginning of 2012
to about 1.5 months at the end of the 2nd quarter.
 
 
 
 
 
 
       
  Jun. 12 May. 12 Curnt vs. Prev Month % Change Jun. 12 Jun. 11 Curnt vs. Same Month 1 Yr Ago % Change Apr. 12 to Jun. 12 Apr. 11 to Jun. 11 Curnt vs. Same Qtr 1 Yr Ago % Change
Months of Inventory (Closed Sales) 1 1.9 -47.4% 1 34 -97.1% 1.5 10.3 -85.5%
 
 

With continuing low interest rates and sellers in a negotiating mood, now is an excellent time to purchase a home.

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 0 commentsMaureen Megowan • July 23 2012 04:58PM

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