You don’t need me to tell you that there is no place in the Twin Cities metro that quite compares to North Oaks and that includes our real estate market. Because of its small size, even the slightest of changes sound dramatic.
For instance, it might be shocking to hear that the number of new home listings in North Oaks dropped more than 25 percent last month over November of 2104. In reality, the actual number of new listings fell by only eight.
The number of homes sold in North Oaks, however, increased 40 percent, dragging our inventory of available homes down even further. We now have a 5.9 month supply of homes for sale. Now, this is the sign of a balanced market, and quite unlike most other Twin Cities metro real estate markets.
Our median sale price last month was $697,752, which is down almost 2 percent from November 2104, but it looks like we’ll end up with a year-end median somewhere around $725,000. We’ll know that exact number in mid-January. We are, however, among the priciest real estate markets in the metro.
And, as is typical of pricier homes, they take longer to sell than other homes. In North Oaks, the average amount of time a home remains on the market before selling is 154 days, down nearly 7 percent from this time last year.
On a year-to-date basis, North Oaks has seen a 36.5 percent increase in the number of new listings, a nearly 53 percent increase in closed sales, a 4.1 percent increase in the percent of list price received by sellers and a 13.3 percent increase in the median sale price.
While the recent hike in the interest rate may take some time to trickle down to the mortgage industry, many economists say to expect an additional rise in March of 2016. This, of course, may impact the prospects for many homebuyers, pricing some out of the market altogether.
If you’re considering selling your North Oaks home but waiting for spring, you may want to reconsider and sell now. Winter is actually the best season to sell a home – they sell quicker and for more money. Contact us for information on how to get your home ready for a winter sale.
Happy Holidays from the Kris Lindahl Team!