Ruby Hill Homes - Sales activity for May 2012

The Ruby Hill inventory increased to 22 from the previous month’s 15 active homes. Eleven homes were added to Ruby Hill marketplace in May – two are bank owned and priced at a considerably lower price per square foot as compared to the other equity sales. Nine of the 22 homes have been on the market for over 2 months. Eight homes were under contract after being on the market for less than a month, and all were priced under $2m. The lowest price per foot home is at $280 psf and the highest at $846 psf! The average psf for active homes is currently at $405 psf.


There were 14 pending homes at May end– two of these were short sales. The number of homes which went pending in May was lower than April and more inventory was added, leading to a higher number of active homes. However, this inventory is considered low by Ruby Hill’s past history.

Four more homes closed escrow in May making a total of 15 sold year to date. The distressed component is over 25%. Whilst low inventories places upward pricing pressure, the presence of distressed sales does the opposite. Currently there are 5 properties in Ruby Hill in various stages of foreclosure, not necessarily on the market.

May End                 Total                     Bank owned share               Short Sale Share

Active                      22                               2                                            0

Pending                   14                               0                                            2

Sold to date 2012   15                               1                                            3

For more information or if you are thinking of buying or selling a home in Ruby Hill please contact Anju through http://www.rubyhillliving.com/ or
Anju@RubyHillLiving.com