Hard to say Julie. Pileateds also make big piles of chips below the hole. Also there are differences in holes made for feeding (e.g., on sawflies for example) and those built for nests. This looks like a nest hole to me.
Thanks for that info, John. I was hoping it was a nest, but I have not seen any activity there so far. Do the males make more than one hole for the female to choose from? Also, do they do this in live trees?
There are a few chips below the branch, but not a pile. The ground was covered with snow when I first spotted the hole.
Julie, I have the same type of holes on an oak tree in my yard and they were USED last year by a red-bellied woodpecker to raise her family in. Not positive if that's what you have here but thought I'd mention the coincidence.
Jules, that would be so exciting if that happened in my tree! Since I posted this photo, there are now 2 holes. I keep checking it, but so far no activity. This is a live tree-it has buds, and lots of pollen that is driving me crazy.:)