In the second quarter of 2020 the entire country shut down and there was a sharp decline in real estate sales. It was anyone’s guess which way the market would go. The Fed lowered interest rates to stimulate the economy and it worked.
It set off a home buying spree that has pushed home prices to infinity and beyond. Even new construction sales are are moving so fast builders are having a hard time keeping up. Some have even slowed down sales, releasing just a few lots at a time. In the City of Westlake, the city Minto builders built from the ground up, there is a waiting list for the waiting list.
Looking at 2021, sales have kept pace with 2020 and prices have shot skyward. Let’s compare the numbers to see how much.
As the table below illustrates the number of sales just rose 4.18%. The rise in the values of properties was much more significant. Average property values rose 17.25 %, nearly $50,000 on average. Median property values rose 17.5% or $49,900 dollars.
|ALL SALES||# of Sales||Average Price||Median Price|
|Y/Y Price Difference||$49,243||$49,900|
|Y/Y Percentage Difference||+ 4.18%||+ 17.25%||+ 17.5%|
Single family homes sales went down 5.13% from the 3rd quarter of 2020 but home values overall rose. Average home prices rose 15.45% or approximately $56K. Median home prices rose 12.06% or about $40K.
|ALL SFH SALES||# of Sales||Average Price||Median Price|
|Y/Y Price Difference||$56,353||$40,900|
|Y/Y Percentage Difference||– 5.13%||+ 15.45%||+ 12.06%|
Condo sales went up 17.75% from 2020 to 2021. Even more significant than the rise in sales was the rise in condo prices. The average price went up a whopping 37.3% or nearly $63K. The median price went up 34.10% or about $48K.
|ALL CONDO SALES||# of Sales||Average Price||Median Price|
|Y/Y Price Difference||+ $63,363||$ 48,400|
|Y/Y Percentage Difference||+ 17.75%||+ 37.30%||+ 34.10%|
From 2020 to 2021 the upward trend of home values continues to be strong, even though single family homes sale dipped a little. Overall values rose over 17% but the most significant gains where in condo values that rose over 37% on average and 34% on median. Are real estate prices moving to infinity and beyond? It seems so but only time will tell if the market will continue to move upward. Stay tuned!
EDITOR, PUBLISHER, WRITER, PHOTOGRAPHER, REALTOR®
Désirée Ávila has called Oakland Park her home for over 33 years. In addition to publishing LivingInOaklandPark.com, Désirée 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 and certifications in real estate including the PSA, e-Pro, AHWD, SRS, ABR, and SFR. She was also awarded the C2EX, Commitment to Excellence award by the National Association for Realtors (NAR). This award is given to Realtors® that distinguish themselves for their commitment to excellence in the real estate industry.
She is esteemed by her real estate colleagues and has consistently received 5 star reviews from her clients. Her philosophy about real estate is that being a Realtor® is a way of teaching and helping people, and in the process a real estate transaction may occur, that is to say her foremost priority is and has always been about helping others.
She is dedicated to her hometown of Oakland Park and works consistently on building and fostering a strong community. She is passionate about photography and loves to read books about history ; the more detail the better! In addition to English, Désirée is fluent in Portuguese, Spanish, French and Italian.
Check out her real estate websites:
Search for New Construction Homes with Désirée : www.IWantToBuyNewConstruction.com
Visit her real estate blog at www.DesireeRealtor.com