The private, gated community of Rolling Hills consistently ranks as one of the most expensive sub-areas of the South Bay. In fact, when using median sales prices as a metric of value, this area more often than not is at the top of the list. The number of homes sold last year jumped from 12 in 2008 to 17. To put this into perspective, this is half of what the number of sales were at the peak in 2000, but the number is on the rise. The median sales price of $2,500,000 represents an increase from $2,200,000 the prior year as well. So by these two metrics, the market conditions have improved here from what appears to be the depths of a challenging 2008.
It also remains the only sub-area of the South Bay to have had the median sales price for a given year exceed the $3,000,000 mark. This occurred back in 2007, the year that most areas in the South Bay reached their peak values. Rolling Hills homes sit in a city that “maintains a ranch style/equestrian environment with an enduring respect for native wildlife and natural surroundings” according to the city’s website. Given how well home vales have themselves endured here, it appears this thinking is paying off for the residents as well. In 2000, the median sales price for a single family home was $1,625,000.
This year’s sales are off to a solid start. There has already been a closed escrow and there are currently six active escrows. Of the active escrows, half were opened in 2009. It should be noted that the average price of these homes is under $2,000,000, so it appears the sales are of the lower priced offerings here. On the other hand, there is plenty of inventory, almost a year’s worth, on the market. The median list price of these homes exceeds $3,400,000. Four of the homes are priced at over $10,000,000. It will be interesting to see if the high end of the market of Rolling Hills homes catches up as we move forward in 2010.