The North Oaks real estate market is probably one of the healthiest in the Twin Cities metro area. With more homes on the market than we’ve seen in a long time it’s appealing to homebuyers and the rising prices, good for sellers, doesn’t seem to be dissuading those buyers from jumping in wholeheartedly.
Last month’s North Oaks real estate market numbers recently came out, so let’s take a look at them.
North Oaks is a small market, so even moderate changes bring about wild-sounding statistics. For instance, compared to this time last year, the North Oaks real estate market sees a 375 percent increase in the number of new listings to hit the market.
Sounds crazy, doesn’t it? In fact, we saw only four new homes come on the market in September of 2014 and last month there were 19. More than three times last year’s number isn’t shabby.
We more than doubled the number of closed home sales in North Oaks as well, going from four to nine. In other markets, this would signal a depletion of the area’s inventory of available homes, but not in North Oaks. Because so many more homeowners decided to list their homes for sale, the inventory stands at a whopping 7.3 month supply.
Median Sales Price in North Oaks
Median sales prices in North Oaks just keep going up and up. Last year at this time the median price sat at $584,866, and September of this year it’s $722,478 – an increase of 23.5 percent. In fact, prices have risen on a year-to-date level nearly 20 percent compared to last year.
Interestingly, the most recent median price is down from the previous month, although just slightly. In August it sat at $735,018.
It will be interesting to watch these numbers as we head into winter.