Oakhurst Real Estate: A look back at 2011
The 2011 Oakhurst Real Estate market had an uncanny resemblance to the 2010 Oakhurst Real Estate market with a total of 92 homes sold ranging in price at the low end of $125,000 to the high end of $795,000. That's just 5 more homes than 2010 when a total of 87 homes sold ranging in price from $113,000 to $638,000.
In 2011, the average Oakhurst home listed for $378,131 and sold in 85 days for 94.35% of list price at $349,252. That's a slight improvement when compared to 2010 when the average Oakhurst home listed for $368,635 and in 101 days for 94.86% list price at $343,956.
A quick look at the numbers and we discover the improvement in average sales price is, in large part, because of the higher total sales volume of homes sold above the $500,000 threshold. Although the exact same number of homes, 14, sold above the half million dollar mark in both 2011 and 2010 -- this segement realized an 11% increase year over year. In 2011 it accounted for $8.513 million dollars in total sales volume vs. $7.61 million dollars in 2010.
That's good news for small builders who continue to make a push into the Oakhurst and Decatur real estate markets. A quick drive through Oakhurst Village brings to light a surprising number of homes currently under construction as many small, local builders who withdrew from the market in 2008 started paving the way for their comeback in 2011. Stoney River Homes, Thrive Homes and others jumped on the new construction bandwagon - driving up lot values and "tear down" home prices to levels not seen since the real estate market crashed in 2008.
Another marked difference in 2011 vs. 2010 was the impact of FHA financing limits on the middle range market (homes priced between $275,000 and $375,000).
The return of remodeling and new home building bodes well for buyers looking to purchase Intown in the $300,000 to $600,000 price range as Oakhurst continues to build on it's reputation as one of the more stable Intown neighborhoods. A haven for those looking to put down roots and take advantage of the top rated public schools while maintaining a small, walk-able community vibe that makes it feel like a real neighborhood.