Here is a look at the North Park Real Estate Market for December 2016. Although the market strongly favors seller, we are starting to see a little bit of a shift in 2017. This is because of the higher interest rates that have taken place in the last couple of weeks and there are talks of them going a little higher. When this happens, buyers are not able to afford what they were able to afford previously and therefore prices start to calm down a bit.
Here is a Look at the Housing Stats in North Park
There were 11 single family homes that sold as of December 30th of 2016. These properties sold on average at $579.00 per square foot which was a median price of $594,300.
2 Bedroom Homes – 121 two bedrooms homes sold in North Park in 2016 at an average of $622.00 per square foot and a median price of $564,000.
3 Bedrooms – 98 three bedrooms sold in North Park in 2016 at an average price of $546.00 per square foot and a median price of $775,250.
4 Bedrooms-14 four bedroom homes sold in North Park during the same time at an average price of $454.00 a square foot and a median price of $819,500.
5 Bedrooms-1 five-bedroom home sold in North Park in 2016 at $448.00 per square foot for a total of $787,000. You can see that there are very few homes in North Park that are more than 3 bedrooms. You will also notice by looking at the numbers that the more bedrooms/square footage the homes have, the less per square foot they sell at.
A Look at the Multi-Unit Stats in North Park
A look at the Condo Market Stats in North Park
There was a total of 15 Condos that sold in the month of December. The condo market is not as hot as the Single Family Home market, however, we are still seeing good activity. The average price per square foot for condos that sold in North Park was $394.00 with a median price of $379,000. This is a great way for someone to get into the market without having the higher prices that come with buying a Single Family Home.
1 Bedroom – There were 54 one bedroom condos that sold in North Park in 2016 at an average price of $396 per square feet and a median price of $228,500.
2 Bedroom – The most units sold in 2016 were the two bedrooms for a total of 137 at an average of $401.00 per square feet with a median price $349,900.
3 Bedrooms – 10 three bedroom condos sold for $360.00 per square feet and a median price of $405,000.
What Does This All Mean?
With 1.5 month inventory, you will find that today’s North Park Real Estate Market to still be a SELLERS Market.
What does this mean if you are selling a house in North Park?
For a seller who has decided to sell their home at this time, this means that if you align yourself with a Realtor who specializes in the neighborhood, you can come up with a strategic plan where you can possibly receive multiple offers and benefit from the lack of inventory. Ultimately, you will be able to receive the highest and best offer possible which means more money in your pocket.
Wondering what your home is worth? Find out instantly with our 15 second home value calculator.
Here are the most recent home listings that have just been added to the MLS database in the average range for North Park. All homes here are priced at $700,000 or less.
What does this mean if you are buying a house in North Park?