Four Oaks/The Oaks/Henry Ranch San Ramon Market Update May 2011

The real estate market in the Four Oaks, The Oaks and Henry Ranch neighborhoods of San Ramon saw a sharp increase in activity during the past six months. While homes in these neighborhoods continue to take longer to sell than other neighborhoods, we saw several homes sell that had been listed for an extended period (two for well over a year). Three homes are actively listed and there is one pending sale. Seven sales closed during the past six months, compared to three closings during the prior six month period.

The list price for the three active listings is $1,056,667 or $280 per square foot. The homes have been on the market for an average of 53 days; however, the properties on Pine Valley Place and Westside Drive were listed in the past two weeks. The One Valley Place home is a short sale.

The sole pending sale on Winding Creek Way is an REO and is listed at $1,199,000 or $292 per square foot. It is a new listing this week.

The sales price on the seven closed sales was $1,002,381 or $290 per square foot. That was about 94% of the asking price, which is low for this neighborhood. Two properties in particular drove this percentage down. 5002 Westside Drive sold for 90% of the asking price and 10 Duberstein Drive sold for 81%. The homes were on the market for an average of 237 days. 10 Duberstein Drive and 11 Westside Court were short sales.

These three upscale neighborhoods are located in west San Ramon and feature primarily larger lot homes ranging from 2,200 square feet to 4,200 square feet. There are also some smaller lot homes in Henry Ranch with 1,800 square feet to 2,200 square feet. Some of the larger lots are 1/3 acre to ½ acre or more, some with wonderful views of the valley and hills of west San Ramon.