The real estate market has been going up and up and up. Just like the ascent portion of a rollercoaster ride it has been exciting for homeowners to see their home values go up, or sell quickly following a fierce bidding war between buyers that continually up the ante. As the real estate roller coaster kept going up, everyone knew that at some point the market would lock into the pre-drop and it would come down. What turns lay ahead, nobody knew, but everybody knew change was coming.
Change did come earlier this year as the Fed attempted to control inflation by raising interest rates. The market began to shift and change became very real.
While it is not readily obvious yet, there are indicators of the shift so make sure you watch my video at the end of this article about the recent shifts and how they are affecting the market.
For now, let’s talk a look at the year over year changes.
Statistics
Second Quarter 2021
- 296 total sales
Single Family Homes and Condo Sales Stats
- 143 single family homes sales
- 153 condo/villa/townhouse sales
Second Quarter 2022
- 292 total sales
Single Family Homes and Condo Sales Stats
- 154 single family homes sales
- 137 condo/villa/townhouse sales
Final Analysis of 2nd Quarter of 2021 / 2022
Final Analysis
From 2021 to 2022 sales went down. To be exact there were 4 less total sales in 2022 than there was in 2021, a 1.35% decrease. Despite the slight drop the rise in price held. The average home sale price was 35.8% or $105,589 higher with the median sale price up by 27.8% or $78,400 higher. Looking at the market as a whole, prices rose both in single family home and condo/townhouse sales. The median price of condos went up 21.6%. The average price of condos went up 16.9%. The most significant year over year rise in prices was in single family homes. The average price of single family homes went up 38.5% and the median price went up 40.8%.
All Real Estates Sales in Oakland Park 2nd Quarter Comparison 2021/2022
| ALL SALES | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2021 | 296 | $294,231 | $281,600 |
| 2022 | 292 | $399,820 | $360,000 |
| Y/Y Difference | – 4 | + $105,589 | + $78,400 |
| Y/Y Percentage Difference | – 1.35% | +35.8% | +27.8% |
Single family homes continued to be the most coveted real estate asset. Prices continued to go up with single family homes going up on average + $152,676! The median value rose almost as much as the average, $145,000. What this means is that in one year, in general, home values went up 38.5% on average and median home values went up 40.8%.
Single Family Home Sales in Oakland Park 2nd Quarter Comparison 2021/2022
| Single Family Home Sales | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2021 | 143 | $396,685 | $355,000 |
| 2022 | 154 | $549,361 | $500,000 |
| Y/Y Difference | + 11 | + $152,676 | + $145,000 |
| Y/Y Percentage Difference | + 7.7% | + 38.5% | + 40.8% |
Both the average and median price of condo sales was up but nowhere near as much as single family homes. Nevertheless in the grand scheme of things the gains are still pretty impressive with the average price up by 16.9% or $33,527 and the median price up 21.6% or $36,000.
All Condo Sales in Oakland Park 2nd Quarter Comparison 2021/2022
| All Condo Sales | # of Sales | Average Price | Median Price |
|---|---|---|---|
| 2021 | 153 | $198,473 | $167,000 |
| 2022 | 137 | $232,000 | $203,000 |
| Y/Y Difference | + 16 | + $33,527 | + $36,000 |
| Y/Y Percentage Difference | + 10.5% | +16.9% | + 21.6% |
Shift Is Real
Shift is real and the report below illuminates the changes happening and a picture of where things may be headed.
Real Estate Update - January through June 2022
The last two years in real estate have certainly been atypical. The 2022 2nd Quarter Real Estate Report the statistics reveal the year over year changes and show a market that is still high. In my video however, I probe into the 1st semester (6 months) of 2022 and the changes that have happened along with where the market may be going. Watch the video below to find out!
