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Oakland Park Real Estate First Quarter Report 2020

This real estate report compares real estate sales for the City of Oakland Park in the first quarter of 2019 and 2020 to see how our local market has fared in the past year. 

This year the first quarter of 2020 ended with 6 less sales than the year before. This is not significant enough to attribute to the COVID-19 national emergency. The second quarter of 2020 will be more telling of the impact of COVID-19 on the real estate market so stay tuned to the report for the second quarter which be published in late July 2020. Sign up for our newsletter to be notified of when the report is published.

From 2019 to 2020

There were 10 more single family home sales this year than there was last year. The average price of a single family home went up from $323, 071 to $333, 558, a 3.2% average increase. The median sale price for a single family home went up from $295,000 in 2019 to $320,500 in 2020, an 8% increase over 2019.

There were 16 less condo/villa/townhouse sales this year than there was last year. The average price of a condo/villa/townhouse went up from $147, 586 to $170, 337, a 13.4% average increase from 2019 to 2020. The median sale price for a condo/villa/townhouse went up from $138,500 in 2019 to $140,950 in 2020, a 1.8% increase over 2019.

Below are the statistics from the MLS that were used for this report. Following the statistics is my final analysis of this year’s first quarter. 

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Statistics

First Quarter 2019

• 180 total sales 
• Single Family Homes and Condo Sales Stats
  
• 90 Single Family Home Sales Stats
  
• 90 Condo/Villa/Townhouse Sales & Stats
  *1 condo sale was excluded from this date because it had the incorrect sale price, an error of $900,000 which significantly skewed the data. 

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First Quarter 2020

• 174 total sales 
• Single Family Homes and Condo Sales Stats
   
• 100 Single Family Home Sales Stats
   
• 74 Condo/Villa/Townhouse Sales & Stats
  
  

Final Analysis

In looking at 2019 to 2020 the market is relatively stable from one year to the next. Property values have gone up steadily but they are not so rampant that we might be worried about a bubble like what happened in the Great Recession. Additionally, there are other factors that point to the fact that that is unlikely. Although that is another discussion altogether. 

Even though Oakland Park is one of the smaller cities in Broward County it has an outstanding location. It is close to the beach, close to Fort Lauderdale and close to major roadways. All that and the fact that it still has single family homes that are affordable make it a highly desirable location. This high desirability is evident in the City’s dynamic real estate market.

This fact is reinforced by the Florida Realtors market report which shows that up until December 2019, Oakland Park’s market is vibrant, and sales grew year after year. I tried to access the data for the first quarter of 2020 to include in this report but it is not yet available.  I will include it when I publish the second quarter of 2020 real estate report. Sign up for our newsletter to be notified when that report is published. 

If you have any questions about this report or anything else real estate related, feel free to contact me at 954-993-4246 or by email at desiree@desireeavila.com.

 

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Read also:

+ What You Need to Know About COVID-19 Mortgage Relief
+ Buying a Home? Learn the Importance of a Pre-Approval

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*LivingInOaklandPark.com is an independent publication, not affiliated with the City of Oakland Park.

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About the Author

Désirée Ávila has called Oakland Park her home for almost 33 years. In addition to publishing LivingInOaklandPark.com, Désirée publishes three other blogs and has been featured in print publications, locally and abroad. Désirée was an award winning teacher for 10 years and has a doctoral level education in Educational Technology. She is currently a licensed Florida Realtor® and is committed to a high-level of professionalism. Désirée consistently professionally develops herself and has earned several different professional designations in real estate. She is esteemed by her real estate colleagues and has consistently received 5 star reviews from her clients. She helps clients in Oakland Park and throughout South Florida with their real estate endeavors.  Désirée is fluent in Portuguese, Spanish, French and Italian.

Check out her real estate websites: DesireeAvila.com and OaklandParkRealEstateAgent.com

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