While the North Oaks real estate market doesn’t have quite the volatility as some of the larger cities in the Twin Cities metro, we do have our ups and downs. Looking back over the past year, it appears that 2014 was a good one for our market. Prices are evening out after reaching some pretty frightening lows a few years ago.
We have a ways to go to get back to the pre-recession list prices we enjoyed and if the economy continues to improve we have that to look forward to.
The latest North Oaks real estate statistics are from last month (December). The number of homes listed for sale in North Oaks increased 550 percent over December of 2013. Yes, it sounds huge, but in 2013 we had only four homes come on the market. This past December, 26 North Oaks residents listed their homes for sale.
The number of closed sales is down 61.5 percent. The good news, however, doesn’t look good at first glance. Although the median sales price of a North Oaks home decreased slightly from 2013’s $661,580 to $655,856, when we compare the median sales price from all of 2013 to all of 2014, we finished the year with a slight increase.
One last statistic: if you’re considering selling your North Oaks home, keep in mind that they are remaining on the market longer than in the past – 196 days, on average.
Overall, the 2014 North Oaks real estate market saw more homes listed, fewer sales closed and a higher median sales price than 2013 as a whole.
It’s looking like 2015 may be even better!