Oakmont Real Estate Market Update for January, 2012

By
Real Estate Agent with Century 21 Valley of the Moon

 

Supply Is Down — Prices Should Go Up!

 

As of January 1, 2012, there were only 26 homes listed for sale in Oakmont.  Combined with the fact that 52 homes were sold in Oakmont during the fourth quarter of 2011, this means that we start the New Year with only 1.5 months of inventory.  In any normal market, this would be considered an extreme seller’s market.  In any normal market, this severe shortage of inventory would result in a dramatic increase in prices.  Yet prices remain stagnant and some homes sit on the market unsold even after several months.  What’s going on?

 

It’s a combination of issues.  First of all, the spike in foreclosures and short sales (in the outside world, not so much in Oakmont) is artificially holding down prices.  The second problem is that buyers think the crisis may not yet be over, and prices may slip even further.  The third problem is the banks.  They caused this housing crash by lending money to unqualified borrowers.  Now they’ve gone from one extreme to the other, and they’re making it very difficult even for highly qualified borrowers to succeed in obtaining a loan.

 

So where (and more to the point, when) will it all end?  The year is starting off with a lot of encouraging economic news, at least in this country.  The biggest problem facing the world economy now is the unresolved situation in Europe, where governments have still not taken the steps required to get their sovereign debt problems under control.  By this time next year, it is likely that at least one country will exit the eurozone (anyone still have any leftover drachmas?) and the rest will clean up their act so that we can get on with a long-overdue worldwide economic recovery.

 

We are fortunate that most home sales in Oakmont are still the old-fashioned kind — where the seller still has equity in the home and the buyer pays all cash, or with a substantial cash down payment against a conventional loan.  And maybe that’s why our inventory is sitting at only 1.5 times average monthly sales, even if prices have not yet started going back up.

Oakmont Homes Sold from October 1 to December 31, 2011

Address Model BR Bath Sq Ft Price
7 Valley Green St Sequoia 15C 1 1 888 $154,000
192 Mountain Vista Cir Sequoia 16B 2 2 1284 $175,000
64 Aspen Meadows Cir Sequoia 16B 2 2 1284 $179,500
8964 Oak Trail Dr Sycamore 24 2 2 1230 $185,000
346 Green Field Cir Poplar - Expanded 2 2 1239 $214,000
6546 Meadowridge Dr Sycamore 24 - Expanded 2 2 1318 $225,000
6378 Stone Bridge Rd Laurelwood 2 2 1419 $225,000
42 Aspen Meadows Cir Sequoia 16C 2 2 1172 $226,500
6533 Stone Bridge Rd Sycamore 22 2 2 1304 $235,000
5 Oak Leaf Pl Oakwood 2 2 1419 $237,500
12 Oakgreen St Poplar - Expanded 2 2 1074 $241,500
9 Pin Oak Pl Madrone 2 2 1352 $274,000
101 Old Oak Ln Manzanita 2 2 1401 $282,000
6497 Meadowridge Dr Redwood 3 2 1686 $289,000
7242 Oakmont Dr Redwood 3 2 1686 $293,000
14 Oak Forest Ln Sylvan 33 2 2 1420 $294,000
7080 Oak Leaf Dr Pinewood 2 2 1390 $299,000
8852 Hood Mountain Cir Laurelwood 2 2 1419 $300,000
424 Deerfield Cir Beechwood - Expanded 2 2 1354 $300,000
423 Singing Woods Pl Sylvan 32 2 2 1178 $300,000
420 Pythian Rd Cypress 2 2 1391 $300,000
7404 Oak Leaf Dr Redwood 3 2 1718 $300,000
349 Pythian Rd Manzanita 3 2.5 1600 $302,750
114 Valley Lakes Dr Manzanita 2 2 1401 $305,000
416 White Oak Dr Sequoia 16A 2 2 1322 $305,000
6489 Meadowridge Ct Cypress 2 2 1391 $320,500
6563 Meadowridge Dr Redwood 3 2 1686 $329,000
428 Pythian Rd Cypress - Expanded 2 2 1691 $345,000
6524 Stonecroft Ter Manzanita 2 2 1401 $345,000
7019 Overlook Dr Sylvan 34 3 2 1618 $370,000
166 Oak Shadow Dr Manzanita 2 2 1401 $380,000
7231 Oakmont Dr Redwood 3 2 1835 $380,000
8932 Oakmont Dr Monterey 2 2 1891 $400,000
7095 Oak Leaf Dr Birch 2 2 1665 $410,000
8849 Hood Mountain Way Redwood 3 2 1686 $415,000
341 Golf Ct Manzanita 2 2 1727 $415,000
7550 Oakmont Dr Sonoma 3 2 1862 $419,000
433 Oak Vista Dr Custom 2 2 1809 $420,000
370 Singing Brook Cir Annadel 3 2.5 2188 $449,000
58 Oak Island Cir Cedar 3 2 1955 $459,000
7563 Ferroggiaro Way Residence Plan 4 3 2 2000 $465,000
6 Valley Lakes Pl Custom 3 3 2027 $475,000
106 Oak Shadow Dr Cedar 3 2 1955 $510,000
6820 Fairfield Dr Birch - Expanded 2 2 1970 $510,000
6440 Meadow Creek Ln Cedar 3 2 1955 $520,000
7275 Oakmont Dr Cedar 3 2 1955 $535,000
117 Jasie Ln Residence Plan 1 2 2 1973 $535,000
428 Woodley Way Sonoma 3 2 1858 $550,000
6288 Meadowridge Dr El Verano 3 2.5 2281 $550,000
328 Miramonte Way Sugarloaf - Expanded 2 2 2186 $560,000
401 Crestridge Dr Sonoma 3 2 2026 $561,000
6267 Meadowstone Dr El Verano 3 2.5 2281 $575,000

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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