The stats for August are in. Here’s the big takeaways for Oakland Park and Wilton Manors.
35 (up 6.1% from 1 year ago)
MEDIAN SALE PRICE
$600,000 (no change from 1 year ago)
ACTIVE INVENTORY (Properties Currently For Sale)
94 (Up 9.3% from 1 year ago)
44 (Up 7.3% from 1 year ago)
NEW PENDING SALES
27 (Down 18% from 1 year ago)
Prices are remaining steady year-over-year, indicating the significant market volatility that we saw during the frenzy of buying at the height of the pandemic has cooled. As interest rates increased, there was a predictable slow-down last year of closed sales. This August, closed sales are up; a strong indicator that buyers are biting the bullet and purchasing loans at current (higher) interest rates if they aren’t paying cash. We’re also seeing an uptick in sellers bringing their properties to the market. Pending Sales are down almost 20% from the same time last year, which might indicate that the robust “Sellers Market” is coming to a close and the property market is ebbing nearer to an equilibrium for both Buyers and Sellers, which was the stated purpose of raising interest rates to begin with. There are murmurs among Mortgage Brokers that there will likely be 1 or 2 more rate hikes (although earlier this month, rates held steady) before they eventually cool to and hover around 5% in the 2nd quarter of 2024.
Aaron Kinchen is a Realtor with Better Homes and Gardens. Questions about local Real Estate? Email