Getting Coral With It
Pantone’s color of the year is Living Coral. Since it is all the rage, I figured why not jump on the bandwagon and talk about our very own corals, The Corals of Oakland Park? This little neighborhood near downtown Oakland Park can hold its own. It certainly doesn’t need such a pretext for an introduction, but what the heck, humor me and let’s talk coral, that is, The Corals of Oakland Park.
Getting to Know the Corals of Oakland Park
The Corals of Oakland Park is comprised of 4 smaller neighborhoods : Coral Heights, North Corals, Central Corals, and South Corals. The Corals is bound on the west side by Dixie Highway, the north side by Commercial Boulevard, the east side by Federal Highway and the south side by Oakland Park Boulevard.
The Corals is a cozy place to life and location wise it is unbeatable. If you live in the Corals you can walk to downtown Oakland Park, you have easy access to the beach, shopping centers, dining, highways and you are just a hop, skip and a jump away from all the action in Fort Lauderdale.
Comprised mostly of single family homes, The Corals is a great choice for buyers looking for a house in and around the Fort Lauderdale and Wilton Manors area.
So let’s take a look at how The Corals market is doing.*
*This report is based only on single family home sales in Oakland Park’s The Corals neighborhood.
What’s Up With The Inventory?
In real estate, months of inventory is the measuring stick used to determine if a market is a seller’s market, buyer’s market or a balanced market. A seller’s market will have less than 6 months inventory, a buyer’s market will have more than 6 months inventory and a balanced market will have about 6 months inventory.
In 2018, according to the MLS 111 houses sold in The Corals of Oakland Park. That is an average of 9.25 houses per month ( I wonder who got the .25 of a house?! LOL). Based on the current amount of homes for sale, 47, there is about a 5 month inventory of real estate. Based on our rule of thumb above, this signifies a seller’s market. This is great for seller’s but let’s not forget that the real estate market has been changing over the last year. So let’s take a look at one more factor, Days on the Market (DOM).
Days on the Market and Reduced Sales Prices
Last year homes in The Corals spent an average of 60 DOM. The 47 homes listed for sale now have already been on the market an average of 82 days. The least amount of days a house has been listed is 3 days with the most amount of days being 633.
28 of the 47 houses for sale in Oakland Park’s The Corals or 60% have reduced their sales price. One house, despite slashing the sales price by nearly 33%, has been on the market for 112 days. On the other end prices have been reduced by just about 3%. The other price reductions vary between 3% and 33%.
Average and Median Sales Prices
Last year the average sales price for a home in The Corals was approximately $423,120. with the median sales price coming in very close at $419,000.
It is too soon to tell how 2019 will play out, but it won’t hurt to take a look at how home sales are doing so far in January to start to get a feel for what is happening. In January 2019, there was a total of 7 closed sales in The Corals. The average sales price in January 2019 was $435,428 and the median sales price was $385,000.
*The median sales price is included in order to gauge the middle point of sales prices. Averages can be affected by outliers (very high
sales or very low sales).
The latest property to sell in the Corals was 4050 NE 15th Ave. It sold for $445K (original list price was $459,400).
The latest property listed in The Corals is just a mere 3 days old. It is 4361 NE 13th Ave.
And that is what is happening in Oakland Park’s The Corals neighborhood.
Want to see more pictures of the latest listings or want to know what is happening in the real estate market in your Oakland Park neighborhood?
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Désirée is a licensed Florida Realtor® and Real Estate Influencer committed to a high-level of professionalism and to helping others with their real estate endeavors through education. Désirée Ávila was an award winning teacher for 10 years and has a doctoral level education in Educational Technology. Désirée is a lifetime local resident of South Florida and is fluent in Portuguese, Spanish, French and Italian.