Oak Forest New Construction
Oak Forest new homes are selling like crazy, just like everything else inside the loop or close-in areas.
There have been 26 new construction homes sold in the last 3 months in Oak Forest. They ranged from $550K for a single story home (very rare for new close-in homes) by City Cottage Builders to $899K for a 4292 SF house.
As is typical of infill City areas, there is no single major builder. These 26 homes were built by 16 different builders.
The table below gives price range, average prices, square feet (SF), etc. Most items are pretty self-explanatory, a couple need explanation:
LP/SP is the ratio of List Price/Sales Prices. This sounds complicated, but is just shows that the average sales price was 99% of list price. Most homes in this market sold at list price. A year or so ago, 2% from list was typical new home sales price.
Days on Market (DOM) doesn’t mean anything for new homes, so is not shown. Some new homes are listed before construction begins, others are not listed until nearing completion. So, two homes started at the same time, could have wildly different DOM’s. Most of these homes sold before completion. This too is new….previously most homes were completed before buyers would make an offer. Days on Market for resale homes (my next blog post) is down from 90 days a year ago to about 30 days.
Table of New Home Prices for the last three months. Data is through Christmas…Ho ho ho.
|# Sold||$ Range||Avg. $||SF Range||Avg. SF||Avg $/SF||LP/SP*||DOM**|
|26||$549.9-$898.9||$731.7K||2450-4400 SF||4292 SF||$202/SF||0.99||N/A|
To learn more about Oak Forest, see my Neighborhood Pages in menu bar at top, or click here for my page describing Oak Forest.
You may also do an MLS Search of New Oak Forest Homes here.
A previous post on Oak Forest New Homes dated June/2012 shows what the market was like last year. At that time the avg. sales price was $686K, and averaged $177/SF. Increased land cost accounts for most of the price change.
The map above shows where new construction is occurring. I showed a similar map back in 2011. New homes were in the same general location, but are now spreading out quite a bit.
Recent posts and pages are found below:
Want to Learn More about Oak Forest & neighboring Garden Oaks? See the following pages:
- Oak Forest Page with history, location, description of neighborhood and MLS Search.
- Garden Oaks Page with home search, history, description of this adjoining neighborhood.
- A page devoted to several Areas Around the Heights
- My Interactive Map of Heights Neighborhoods
To be notified of my next posts on close-in neighborhoods, sign up in box on right..Rich
Tags: Oak Forest