Last year, in the second quarter of 2020, just months after quarantine shut down the entire country, there was a sharp decline in real estate sales from the year before. The decline was to the tune of 36% but despite the slump, property values held strong. Now, one year later, with a real estate market that is white hot, property values are higher than ever and sales are strong.
Let’s take a look at the numbers.
Below are the statistics from the MLS that were used for this report. Following the statistics is my final analysis of this year’s second quarter.
Statistics
Second Quarter 2021
- 296 total sales
Single Family Homes and Condo Sales Stats
- 143 single family homes sales
- 153condo/villa/townhouse sales
Final Analysis of 1st Quarter to 2nd Quarter of 2021
The total number of sales in Oakland Park from 2020 to 2021 went up an astounding 100%! Single family home sales went up 81% and condo sales went up 121%! Sale prices also went up with increases in all categories of homes.
The average of all sales went up 13.2%, in dollars that means that the average price went up $35, 518. The median sales prices for all homes went up 9% with an increase of $21,600.
Single family homes average sale price went up 15% or $51, 470 year over year. The median sales price went up $20,000 logging a 5.9% increase year over year. Since these numbers came from the MLS they do not include the first sale at Oak Tree, for example, in west Oakland Park. The sale prices of homes at Oak Tree are high, so in the future we can reasonably expect them to increase overall sales values in the City of Oakland Park.
The average sale price of condos went up 22.4% or $36, 345 year over year. The median sales price went up $24,500 with a 17% increase year over year. Based on the numbers the greatest increase occurred in the condo market.
While this is a general overview of Oakland Park real estate it is indicative of how healthy Oakland Park’s real estate market is.
However, while some have cashed in and are quite happy with the return on their investment, others are cautiously optimistic and wonder when the market will correct itself. Stay tuned as we continue to analyze the numbers each quarter.
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