The State of the Ruby Hill Market
50 homes were
sold in Ruby Hill in 2011 – a very healthy level of activity given higher end
home sales have declined considerably this year nationwide. The average list
price was $361 psf and the average sold was approximately $345 psf. The average
days on market stood at just 46 days. This past year, just 20% of the homes
that changed hands were short sales or bank owned suggesting that Ruby Hill is
in pretty good shape compared to most luxury neighborhoods. In 2010, 59 homes
were sold and of these, 12 were either bank owned or short sales. The average
sold price was much lower at $310 psf with at least 10 homes being priced at
under $300 psf. It is heartening to see that Ruby Hill prices found a more
stable footing in 2011 as inventories remained fairly low through the year
compared to previous years. As is customary at this time of the year, the
inventory was at its lowest point in December with only 11 active homes. Only 4
are priced under $2.5m and the price per square foot is ranging from $304 psf
to $544 psf. The larger homes continue to stay on the market for long periods
as jumbo loans remain restrictive. Of the 6 pending homes, 4 are short sales.
|
December end
|
Total
|
Bank owned share
|
Short Sale Share
|
|
Active
|
11
|
1
|
1
|
|
Pending
|
6
|
0
|
4
|
|
Sold to date 2011
|
50
|
2
|
8
|
for more information on Ruby Hill homes for sale please visit www.RubyHillLiving.com
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