Oakhurst Housing Market Update: July 2024 | Oakhurst houses for sale

As we move into the heart of summer, the Oakhurst real estate market is showing some interesting trends. Let's take a closer look at the key metrics shaping the local housing landscape.

Home Values on the Rise

According to Zillow, the average home value in Oakhurst has reached $437,816, representing a 3.8% increase over the past year. This steady appreciation indicates continued demand for Oakhurst properties, despite broader economic uncertainties.

Days on Market Trending Down

One of the most notable shifts we're seeing is in the average days on market (DOM). In June 2024, homes in Oakhurst spent an average of 54 days on the market before selling. This marks a significant 36.1% decrease compared to the same period last year when the average DOM was 84 days. This acceleration in sales pace suggests a more competitive market, with buyers acting quickly on desirable properties.

Breaking down the June sales:

• 30% of homes sold in under 30 days
• 60% sold between 30-90 days
• Only 10% remained on the market for over 90 days

Price Reductions Becoming More Common

Despite the overall appreciation in home values, we're seeing an increase in price reductions. In May 2024, 23.1% of listed homes had a price drop, which is a substantial 18.3 percentage point increase year-over-year. This trend indicates that some sellers may be adjusting their expectations to meet current market conditions.

Sale Prices vs. List Prices

An analysis of recent sales reveals:

• 66.7% of homes sold below asking price
• 11.1% sold at asking price
• 22.2% sold above asking price

This distribution suggests that while there's still strong demand for certain properties, buyers generally have more negotiating power than in the recent past.

Housing Inventory Levels

As of June 2024, there were 80 homes for sale in Oakhurst, a slight 3.9% increase from the previous month. The breakdown by bedroom count is as follows:

• 1 bedroom: 2 homes (up from 0)
• 2 bedrooms: 13 homes (18.2% increase)
• 3 bedrooms: 45 homes (2.2% decrease)
• 4 bedrooms: 14 homes (7.7% increase)
• 5+ bedrooms: 6 homes (14.3% decrease)

Housing Market Competitiveness

While not as frenzied as some larger metropolitan areas, the Oakhurst market remains somewhat competitive. Redfin data indicates that some homes are still receiving multiple offers. However, the average home is selling for about 3% below list price and spending around 39 days on the market before going pending.

Bottom Line

The Oakhurst housing market in July 2024 presents a mixed picture. While home values continue to appreciate and days on market are decreasing, we're also seeing more price reductions and homes selling below asking price. This suggests a market that's finding a new equilibrium after the intense seller's market of recent years.

For buyers, this could mean more opportunities to negotiate and potentially find good value. Sellers, on the other hand, may need to be more strategic in their pricing and prepared for a potentially longer sales process than they might have expected a year ago.

As always, real estate remains local, and conditions can vary significantly from one neighborhood to another. For the most accurate advice on your specific situation, it's best to consult with a local real estate professional who can provide personalized insights based on your unique needs and goals.

North Fork Housing Market Update: July 2024 | North Fork houses for sale

As a Realtor analyzing the North Fork housing market, I've noticed some interesting trends that potential buyers and sellers should be aware of. Let's dive into the current state of this charming mountain community's real estate landscape.

Housing Market Overview

The North Fork housing market is currently characterized as somewhat competitive, with homes taking an average of 51 days to sell. This is slightly longer than last year's average of 49 days, indicating a slight cooling in the market pace. However, the median sale price has seen a significant increase, rising 15.7% year-over-year to reach $757,000 in May 2024.

Price Trends and Value Comparisons

The average home value in North Fork stands at $389,559, showing a modest 1.3% increase over the past year[5]. This growth, while positive, is slower than the broader California market, which has seen a 6.8% increase in average home values over the same period.

When comparing houses for sale, we're seeing a wide range of options and price points. For example:

1.  A charming 1-bedroom, 1-bath mobile home is listed at $95,000, offering an affordable entry point into the North Fork market.
2. On the higher end, we have a luxurious 4-bedroom, 4.5-bath custom-built home on nearly 39 acres, listed at $2,700,000.

This diversity in pricing reflects the variety of properties available in North Fork, from cozy mountain retreats to expansive luxury estates.

Price Reductions and Market Dynamics

The market is showing signs of buyer favorability, with 75% of homes sold in June 2024 going for below asking price[3]. This trend suggests that buyers may have more negotiating power in the current market.

We're also seeing some significant price reductions. For instance:

• A 3-bedroom, 2-bath home initially listed at $439,000 has seen no price change in 194 days on the market, indicating potential room for negotiation.
• A 4-bedroom, 2-bath home on 89 acres was initially listed at $959,000 but has only been on the market for 16 days, suggesting it may be priced competitively for its features and acreage.

Days on Market

The average days on market for North Fork homes has increased to 81 days in June 2024, up 37.3% from 59 days in June 2023[3]. This extended time on market could be advantageous for buyers, potentially leading to more flexibility in negotiations.

However, it's important to note that desirable properties are still moving quickly. Some homes are selling in under 30 days, particularly those that are well-priced and in prime locations.

Bottom Line

The North Fork housing market presents a mixed picture with opportunities for both buyers and sellers. While prices have generally increased, the slower pace of sales and prevalence of below-asking price transactions suggest a market that's becoming more balanced.

For buyers, this could mean more options and potentially better deals, especially on properties that have been on the market for an extended period. Sellers, on the other hand, may need to be more strategic in their pricing and patient in their expectations.

As always in real estate, location, property condition, and unique features play a crucial role in determining a home's value and marketability. Whether you're looking to buy or sell in North Fork, working with a knowledgeable local real estate agent can help you navigate these market dynamics and make informed decisions.