A few months ago we compared the 1st quarter real estate statistics for Oakland Park from 2019 versus 2020. This report will do the same but it will compare the second quarter for both 2019 and 2020. During the second quarter of 2020 we were under quarantine. As a result many people wondered what would happen to the real estate market because of the shut down.
The statistics show that there was a significant slow down in the total number of sales. To be more specific, a 36% decline between 2019 and 2020. This decline in the number of sales was to be expected given the national state of emergency into which we were thrust. However, there is good news! Overall the value of homes stayed fast, and underwent a very minimal change from 2019-2020.
This significant change can clearly be attributed to the COVID-19 quarantine. As we move toward the third quarter we will be able to discern even more clearly further effects on the real estate market. Stay tuned to the report for the third quarter which be published in the fourth quarter of 2020.
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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.
Statistics
Second Quarter 2019
- 230 total sales
Single Family Homes and Condo Sales Stats
- 123 Single Family Home Sales Stats
- 107 Condo/Villa/Townhouse Sales & Stats
Second Quarter 2020
- 148 total sales
Single Family Homes and Condo Sales Stats
- 79 Single Family Home Sales Stats
- 69 Condo/Villa/Townhouse Sales & Stats
Final Analysis of 2019 to 2020
Despite the decline in the number of sales, property values in Oakland Park have remained stable.
The 36% decline in house and condo sales translates to 82 less sales in the second quarter of 2020. The average sale price did not decline but actually went up approximately $1165, from $258,548 to $259,713. The median sale price went down from $245,000 in 2019 to $240,000 in 2020. The max sale price shot up from $680,000 to $800,000. The value of maximum sale price is an outlier and should not be considered an example of the market as a whole.
More specifically there were 56 less single family home sales this year than there was last year. The average sale price of a single family house went up from $340,962 to $344,945, a 1.2% average increase from 2019 to 2020. The median sale price for a single family house went up from $315,000 in 2019 to $335,000 in 2020, a 6.3% increase over 2019. This reinforces the assertion that values have held despite a decrease in sales.
There were 38 less condo/villa/townhouse sales this year than there was last year. The average price of a condo/villa/townhouse went down by $1000 from $163,000 to $162,000, a 0.6% average decrease from 2019 to 2020. The median sale price for a condo/villa/townhouse went down from $150,000 in 2019 to $142,500 in 2020, a 5% decrease over 2019.
The average sale price for condo/villa/townhouse supports the assertion that values have held, but the median decrease in condo/villa/townhouse does not support this assertion. Nevertheless the difference is not yet significant enough to worry that the sky is falling. The overall panorama of property values remains overwhelmingly positive.
Stay tuned to the third quarter report for more insight into the Oakland Park real estate market. 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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