The latest North Oaks housing market statistics are out and there are some interesting tidbits in it. Some mixed news for homeowners who are planning on putting their homes on the market and some good news for those hoping to buy a home in North Oaks.
News for North Oaks Homeowners
What a mixed bag! The bad news is that in November, the inventory of available North Oaks homes for sale rose, but only slightly. Even a slight rise, however, means there is more competition in the marketplace. New listings increased more than 33 percent from November of last year.
That said, closed sales have decreased 44.4 percent. Buyers may be sitting out the market right now.
The good news for homeowners is that the median sales price of a North Oaks home has increased almost 13 percent to $710,000 and the average sales price increased to $741,000.
Even with such a hefty sales price increase, the percent of the original list price received at the close has gone way down, from 98.2 percent to 89.9 percent. This is a sign that either homeowners are overly optimistic (overpricing their homes) or agents in the area aren’t doing their jobs. I rather think it’s the latter, as even overpricing eventually reflects a problem with the agent, not the homeowner.
Finally, North Oaks homes are remaining on the market much longer than they did last year – 144 days as opposed to 90, a 60 percent increase.
So, what’s Available?
Suppose you have that median sales price of $710,000 burning a hole in your home-buying budget. What’s available in North Oaks for that price?
Nothing. Oh, there are a few houses in the same ballpark as the median price. A newly constructed home in Rapp Farm, for instance, is listed at $716,238. It features 5 bedrooms, 2.5 bathrooms and 4,493 square feet of living space. The community offers a neighborhood clubhouse, play lot and pool.
Going up a bit in price you’ll find another 5 bedroom stunner, with 3.5 bathrooms in 4,856 square feet of living space.
Going down in price is another home under construction in Charley Lake Preserve, listed at $699,000. This home features 4 bedrooms, 3.5 bathrooms and 3,050 square feet.
It will be interesting to see how the market shakes out in the spring.
In the meantime, Happy Holidays to you and yours from the Kris Lindahl Team!