Why So Many For-Sale Signs?
We’ve been asked why there seem to be so many for-sale signs out there in Oakmont these days. Is there something wrong with the market?
At the beginning of the month, our Multiple Listing System (MLS) showed a total of only 47 homes for sale in Oakmont. If you thought you were seeing more for-sale signs around than that, you’re absolutely correct. In addition to the 47 homes that were for sale in Oakmont, there were another 31 homes in escrow. Some of these are waiting for loan approval or buyers’ approval of inspection reports. Some of them have cleared all the obstacles and are just waiting to close escrow. But it’s very interesting that of the 78 total homes that appear to be on the market, 40% of them are, as we like to say in the biz, “under contract”.
This is typical of what’s happening in the Oakmont real estate market. If you check our market-tracking website, www.Homes-For-Sale-In-Oakmont.com, you’ll see that every week, on average, three or four homes come onto the market (“for sale”), about the same number go into escrow (“under contract”), and about the same number again close escrow (“sold”). The net result is no change (or very little change) in the total number of homes available for sale each week.
The bottom line? Our real estate market remains very healthy, with relatively rapid turnover of homes that are priced correctly and in good condition. Do we have too many homes for sale on any given day? Not when you consider that there are about 3,000 homes in Oakmont. If even 60 of them are for sale, that’s a ratio of only 2%, which is a very low number by industry standards. Too many homes for sale? — no! If anything, we could use some more.
Oakmont Homes Sold from July 1 to September 30, 2011
Address | Model | BR | Bath | Sq Ft | Price |
176 White Oak Dr | Sequoia 16C | 2 | 2 | 888 | $150,000 |
6577 Meadowridge Dr | Sequoia 17 | 1 | 1 | 1059 | $168,000 |
5 Meadowgreen Ct | Sycamore 18 | 2 | 1 | 1220 | $171,000 |
7419 Oakmont Dr | Sequoia 17 | 1 | 1 | 1074 | $181,000 |
9 Valley Green St | Sequoia 16B | 2 | 2 | 1172 | $220,000 |
6 Oakcrest Pl | Poplar | 2 | 2 | 1083 | $235,000 |
6916 Fairfield Dr | Beechwood | 2 | 2 | 1206 | $250,000 |
7337 Oak Leaf Dr | Madrone | 2 | 2 | 1352 | $265,000 |
7211 Oak Leaf Dr | Cypress | 2 | 2 | 1391 | $265,000 |
6930 Oak Leaf Dr | Poplar - Expanded | 2 | 2 | 1153 | $273,000 |
340 Twin Lakes Dr | Sequoia 16A | 2 | 2 | 1297 | $280,000 |
7433 Oak Leaf Dr | Oakwood | 2 | 2 | 1211 | $282,500 |
6437 Meadowridge Dr | Oakwood | 2 | 2 | 1211 | $288,000 |
7121 Oak Leaf Dr | Poplar | 2 | 2 | 1083 | $300,000 |
6 Oak Island Dr | Oakwood | 2 | 2 | 1300 | $302,000 |
8890 Oak Trail Dr | Cypress | 2 | 2 | 1300 | $310,000 |
7316 Oak Leaf Dr | Birch | 2 | 2 | 1665 | $320,000 |
305 Twin Lakes Dr | Birch | 2 | 2 | 1665 | $324,000 |
7095 Oak Leaf Dr | Birch | 2 | 2 | 1665 | $325,000 |
6477 Meadowridge Dr | Aspen | 3 | 2 | 1953 | $327,000 |
6434 Meadow Creek Ln | Redwood | 3 | 2 | 1686 | $327,150 |
6427 Mesa Oaks Ln | Redwood | 2 | 2 | 1686 | $339,000 |
6393 Stone Bridge Rd | Birch | 2 | 2 | 1665 | $342,000 |
457 Oak Mesa Pl | Sylvan 34 | 2 | 2 | 1618 | $367,585 |
8811 Oakmont Dr | Juniper | 3 | 2 | 1870 | $370,000 |
6450 Stone Bridge Rd | Redwood | 3 | 2 | 1686 | $370,000 |
257 Belgreen Pl | Oakwood | 2 | 2 | 1211 | $380,000 |
465 Pythian Rd | Birch | 2 | 2 | 1665 | $385,000 |
8843 Oakmont Dr | Juniper | 3 | 2 | 1870 | $395,000 |
6587 Pine Valley Dr | Quail Plan 2 | 3 | 2 | 1585 | $400,000 |
336 Pythian Rd | Monterey - Expanded | 3 | 2 | 2058 | $400,000 |
324 Mountain Vista Ct | Aspen | 3 | 2 | 2025 | $400,000 |
7305 Oakmont Dr | Birch | 2 | 2 | 1665 | $411,500 |
311 Oak Leaf Cir | Juniper | 3 | 2 | 1870 | $420,000 |
6546 Stonecroft Ter | Juniper | 3 | 2 | 1870 | $429,000 |
8846 Oakmont Dr | Juniper | 2 | 2 | 1870 | $429,000 |
444 Oak Vista Dr | Manzanita | 2 | 2 | 1671 | $439,000 |
333 Golf Ct | Aspen | 2 | 2 | 1953 | $460,000 |
8955 Oakmont Dr | Juniper | 3 | 2 | 1870 | $460,000 |
7130 Fairfield Dr | Birch - Expanded | 2 | 2 | 1725 | $460,000 |
8835 Hood Mountain Ct | Juniper | 3 | 2 | 1870 | $467,000 |
220 Valley Oaks Dr | Redwood | 2 | 2 | 1718 | $481,000 |
229 Oak Shadow Dr | Custom | 2 | 2 | 1732 | $495,000 |
8862 Oak Trail Pl | Cedar | 3 | 2 | 1955 | $564,000 |
6339 Meadowridge Dr | Annadel | 3 | 2.5 | 2159 | $577,750 |
9470 Oak Trail Cir | Residence 2 | 3 | 2 | 2164 | $610,000 |
This information is based on sales reported in Bay Area Real Estate Information Services, Inc. (BAREIS) and is not verified and is subject to change. Listings represented may not have been listed or sold by Mike Higgins or Paula Lewis.
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