Latest North Oaks Real Estate Market Update

Posted by Kris Lindahl on Thursday, May 14th, 2015 at 12:47pm.

Hot of the local MLS presses – the April 2015 North Oaks real estate market update! The spring homebuying season is underway, as you’ll no doubt notice in the statistics below.

News for North Oaks Home Buyers

Last month we promised you that there would be “lots more homes to look at this spring,” and, the MLS numbers prove us right. From April of last year to April 2015, we saw a whopping 154.5 percent increase in the number of new listings hitting the market. So, the only thing we’d change about the above quote is the word “lots” to “a huge number.”

In April’s numbers (the MLS releases statistics a month late) we also see that the inventory of available homes has increased more than 18 percent from April of last year.

Now, here’s the bad news ― at least if you’re home shopping. The median sales price of a North Oaks home increased last month over April of last year by more than 47 percent. It now stands at $625,000 (it was at $425,000 in April 2014).

News for North Oaks Homeowners

The good news for North Oaks homeowners is that you’ve regained some value lost during the recession. As you read above, the median price of a North Oaks home has increased more than 47 percent over the price at this time last year.

It is, however, down a smidge from March, when it came in at $651,750. There is a bright side to this, however. In March, homeowners were receiving just a bit more than 92 percent of their asking price. In April, North Oaks homeowners got 96.2 percent. So, crunching the numbers, despite the dip in median sales price, the rise in the percentage of list price homeowners receive put April home sellers ahead of March ― $601,250 to $599,610 respectively.

One more bit of good news for homeowners who list their homes now: The number of days a home sits on the market has decreased by more than half, from 332 days in April 2014 to 133 in April 2015.

As we head toward summer we see these trends continuing. In fact, we’re beginning to see multiple offer situations across the Twin Cities region.

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