Home Prices Drop in The Oaks

The average transaction price in The Oaks fell 10% in the past year. The average sale in the first half of 2015 was $1.23 million at $234 per square foot. In the first half of 2016 the average price was down to $1.12 million at $215 per square foot. In both periods the average house sold was just under 5200 square feet of living space.
The numbers were actually worse than that, but we removed two Chinese drywall homes from the 2016 data. One of those sold for only $310K. Homes are also taking much longer to sell with the average days on market jumping from 134 to 189 (4 months to 6 months).

The Oaks is a luxury gated community on the north side of Clint Moore between 441 and Lyons. HOA fees are roughly $800/month.

On the high end four houses sold in the ballpark of $1.4 million. The top was 17904 Key Vista Way, a 5-bedroom, 5 1/2 bath house with over 6000 square feet of living space which sold for $1.425M.

Fourteen of the twenty-two homes sold for $1M or more, with four more in the $900K range and only one selling for less than $800K (17825 Villa Club Way for $730K).
An interesting side note for Realtors – 5 houses were listed with premium commission rates over 6%, with two at 7%, two at 8% and one at 12%. None of the transactions included a discount broker.