The city of Rolling Hills is a private, gated community that was incorporated back in 1957. The city maintains a ranch style/equestrian environment unlike any other in the South Bay. The sale of Rolling Hills homes appears to be charging well ahead of last year’s pace, when a total of 18 were sold the entire year. Interestingly, none of these sales were closed in the first quarter, whereas there have been five closings just these past three months alone. In addition, there are seven homes currently in escrow, making this year far more active than last year when it comes to the sale of homes. The median price for the closed sales through the end of last month came in at $1.6 million. The homes in escrow will raise this number given that they have a median list price of $1.95 million. The median price for all of last year’s home sales, on the other hand, hit $2.3 million, so unless there is a turn in pricing soon, sales prices this year may drop well below the prices of last year. In the meanwhile, inventory stands at about nine months when using the current sales pace. Of the 16 homes on the market, it is worthy of note that three of them have list prices over $11 million, an indication of just how stratified this particular area is with respect to home values.
The lowest priced sale this past quarter was $1.25 million for a three bedroom, 2,100 sq. ft. home on E. Crest Rd. On the other end of the price continuum, a five bedroom home with over 4,100 sq. ft. of living space sold for $2.15 million. Both homes have lot sizes totaling about one acre, which makes them far larger than a typical beach city home lot.
We will know soon enough if the increase in sales comes at the expense of price or if the prices will rally as they appear to be in other South Bay cities.