The North Oaks real estate market is so small that even one overly expensive home sale can skew the market stats tremendously. This is why it’s important to exercise caution when evaluating the market on a monthly basis.
August’s North Oaks real estate market numbers just came out, so let’s take a look at them, exercising the aforementioned caution.
Here’s a perfect example of how wild the swings are in the North Oaks real estate market. In May of this year, new listings increased an amazing 214 percent over May of 2014. All it took was 15 additional homeowners listing their homes for sale to achieve this remarkable statistic.
Then, in June, new listings fell 10 percent from the previous year and in July they fell another 26 percent. This month, the number of new listings to hit the North Oaks real estate market increased 27 percent from 2014 ― only four additional home listings achieved this statistic.
However, if you are interested in purchasing a home in North Oaks, any increase in new listings is good news, right? Because the number of closed sales decreased, these four listings boosted North Oaks’ inventory of available homes, however slight.
Median Sales Price in North Oaks
The median sales price of a North Oaks home has increased 95 percent over this time last year and now sits at $735,018. This is what we were referring to above ― how one expensive home in this small of a market can skew the statistics. Basically, what this means is that half of the areas homes that old last month sold for less than the median price and half sold for more. Since only three homes sold, the median sales price is a bit of a moving target.