Rolling Hills and Rolling Hills Estates (RHE) are distinctly different cities. They are included together here more for convenience than any other reason. As it turns out, there was only one home sale that closed in Rolling Hills last month. The total for last year was only 18 and not one of those sales was in the month of January. In Rolling Hills Estates there were nine closings this past month compared to only two last year in January and three the year before. One of the biggest differences in the two cities can be seen in the selling prices of the homes. The median sales price in Rolling Hills in 2009 was well over $2,000,000, whereas in RHE, it was below $900,000. The median price in RHE last month exceeded last year’s average. A lack of sales in Rolling Hills makes a similar comparison nearly impossible. Of course, the number of closings last month is more a reflection of what was happening at the end of last year. With respect to this year’s selling activity, the number of new sales this past month for RHE was 10, which brought the number of total open escrows to 25. There were no new sales in the more expensive city and the number of active escrows there remains at four as of this writing. Three of these were added in the month of February.
The most expensive closing in RHE for the month was for a 4,500 sq. ft. home in the Palos Verdes Drive North area. It offers great views and plenty of land. The least expensive closing was just over $389,000 for a Peninsula Center one bedroom condo.
There are 15 homes actively listed on the market in Rolling Hills and 33 in RHE. This puts the inventory close to a year in the former city and about four months in the latter city when using the sales pace of 2009 for the two cities.