Oakmont Real Estate Market Update for October, 2011

By
Real Estate Agent with Century 21 Valley of the Moon

 

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.

Comments (0)