We’ve been seeing some pretty heated real estate markets around the Twin Cities so it’s a breath of fresh air to find that North Oaks is in a balanced state. Will it remain that way? Only time will tell. Remember, our MLS releases statistics from the previous month, so what you'll find here is what happened in the market in May. Check out the latest stats from the MLS:
The number of homes placed on the market this May compared to last year has increased 214.3 percent. It appears that perhaps North Oaks homeowners are gaining confidence in the market and cashing in while the money’s there. Of course we can’t say this with certainty unless new listings continue to increase over the summer.
Median Sales Price
We saw a 10.6 percent dip in the median sales price of a North Oaks home since this time last year, from $768,337 to $686,790. If you recall, the median sales price had increased 47 percent in April. The good news here is that while last year homeowners were only getting 96 percent of their original list price, this year they are realizing 100.1 percent. On average, North Oaks homes are selling for slightly more than their original list price.
Days on the Market
What a difference a year makes! In May of 2014, the average number of days a North Oaks home sat on the market before selling was 354. This May, that number has decreased almost 92 percent and homes are now selling within 29 days. This is a sure indication of heavy buyer interest in the area.
The inventory of available homes in North Oaks has increased 46.3 percent over the number of homes available last year. We now have a more than 6-month inventory of homes, which tells us that North Oaks has a “balanced” real estate market ― neither heavily tilted toward buyers or sellers.