And The Race Goes On!
In the last quarter of 2021 quarantine shut downs remained in place but we began to see a gradual, but careful re-opening and relaxation of policies. The vaccine had been administered to a great majority of the population and we began to see a light at the end of the tunnel. Real estate sales, in number of sales differed only slightly from 2020, pretty much keeping pace in that regard. What we did see was a continued increase in the prices of homes, a decreased inventory and buyers becoming more and more creative with their offers so that it stands out above the many offers that home sellers receive. And the race for homes goes on!
Let’s take a look the numbers and see how much prices have gone up despite the fact that there has been no significant difference in the number of sales.
Statistics
Fourth Quarter 2020
- 240 Total Sales
Single Family Homes and Condo Sales Stats
- 135 Single Family Homes Sales Stats
- 105 Condo/Villa/Townhouse Sales Stats
Fourth Quarter 2021
- 254 Total Sales
Single Family Homes and Condo Sales Stats
- 138 Single Family Homes Sales Stats
- 116 Condo/Villa/Townhouse Sales Stats
Final Analysis
From the 4th Quarter of 2020 to the 4th Quarter of 2021 sales rose just 5.8%. The average rise in home sale prices was 11.8% or $35, 189 with a median rise of 12.7% or $36, 550. Overall all values rose but the most significant change was in the price of single family homes.
All Real Estates Sales in Oakland Park 4th Quarter Comparison
| ALL SALES | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2020 | 240 | $296,891 | $288,450 |
| 2021 | 254 | $332,080 | $325,000 |
| Y/Y Difference | + 14 | $35,189 | $36,500 |
| Y/Y Percentage Difference | + 5.8% | + 11.8% | + 12.7% |
The average price of single family homes went up 16.2% or $61,512 and the median sales price went up 13.9% or $50,000. This is an overall snapshot of the market. However, if the fine details are looked at some houses rose much more in value than others and garnered never before seen sale prices.
Single Family Home Sales in Oakland Park 4th Quarter Comparison 2020/2021
| Single Family Home Sales | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2020 | 135 | $378,708 | $360,000 |
| 2021 | 138 | $440,220 | $410,000 |
| Y/Y Difference | + 3 | +$61,512 | +$50,000 |
| Y/Y Percentage Difference | + 2.2 % | + 16.2 % | + 13.9% |
The rise in the number of condo sales was more than all sales or single family home sales and condo values also rose steadily. The average sales price went up 6.12% or $11,734 and the median price rose $15,000 or 9.4%.
All Condo Sales in Oakland Park 4th Quarter Comparison
| ALL SALES | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2020 | 105 | $191,697 | $160,000 |
| 2021 | 116 | $203,431 | $175,000 |
| Y/Y Difference | + 9 | $11,734 | $15,000 |
| Y/Y Percentage Difference | + 8.6 % | + 6.12 % | + 9.4% |
In the 4th quarter of 2021 the sales price of homes continues to be significant compared to 2020 even though there was not a significant different in the number of home sales. As values continue to rise, many people have been asking how long can the race go on? I will keep an eye on the market and report back to you on the first quarter of 2022. Stay tuned!
