No other real estate market in the Twin Cities compares to North Oaks’. We’re a completely different breed, in many ways. The latest MLS statistics were just released and they only serve to enforce that fact.
If we were to graph the new listing metrics over the past few months it would look a bit like a rollercoaster ride. While new listings were up in May, a whopping 214 percent, in June they went down 10 percent. We cautioned buyers last month not to get too optimistic because in the North Oaks real estate market, one never knows what will happen.
Median Sales Price
In May, the median sales price for a North Oaks home tumbled more than 10.5 percent. In June, the price went up more than 15 percent over June 2014’s to $624,908. North Oaks homeowners that sell are getting nearly 96 percent of the original list price for their homes.
Days on the Market
In June of last year, North Oaks homes for sale sat on the market an average of 168 days. This year, the time period shortened to 134 days. This may seem a lot longer than most Twin Cities real estate markets, and it is, but consider this: in May of 2014, North Oaks home spent, on average, 354 days on the market before selling.
The inventory of available homes in North Oaks has increased almost 10 percent over the number of homes available last year. We now have an almost 6-month inventory of homes, which tells us that North Oaks has a “balanced” real estate market ― neither heavily tilted toward buyers or sellers.