The Delray Beach real estate market showed continued signs of weakness in December.
Knowing that, there are three pieces of data I want to share with you this month
- Days on Market (DOM) – continues to show weakness
- Data Summary of Y-O-Y and M-O-M
- Important of the first 48hrs on market
Plus, I’ll give my narrative on how the end of December unfolded.
Let’s role…
Days On Market (DOM) – I’ve been showing this each month for the past 5 months as it shows the state of the Delray Beach real estate market best. Again, as you can see, DOM is UP 9% from November. And since it bottomed back in May, DOM is up 125% not to over 46 Days.
Why?
- Delray Beach real estate is taking a lot longer to sell
- Mortgage rates are up over 100% last year
You can see how it’s all playing out in this chart below.
And last is a new graph I pertaining to sellers. I’ve spoken about this in the past and how “The first 48 hours you put your home on the market is the most important.” It’s when you get the most number of eyeballs looking.
Here’s a real example of one of my listings:
You can see from Zillow and Realtor.com – in Orange & Green – how after 48 hours, the viewers drop off a cliff.
In black you see the MLS viewers – these are agents. It hits their notifications if they have that set up, so it doesn’t drop much and remains consistent
Now I want to share how the Holidays affected the Delray Beach real estate market.
It was eerily quiet the week prior to Xmas.
Lead volume almost died. Facebook leads fell off the cliff. My website nearly flatlined and property showings stopped. I tie this to the massive storm that hit the Northeast. Folks were not looking for real estate online.
On the 26th it was still a ghost town.
But as the saying goes, “this too shall pass.”
By 8:45am, December 30th, I had two Delray Beach real estate buyer inquiries. At 10:06am a website inquiry. Then two phone calls at 11:10 and 11:25.
I had two showings confirmed for 12:45 and 1:15. Then at 2pm a call came in to see my listing at 3pm.
When this customer arrived, he had a friend who was also a buyer.
It was like a golfer who couldn’t keep the ball in play, to then birdying ever hole on the last nine.
What happened? In one day, I generated 7 potential Delray Beach real estate customers. Not just looky-loo’s, but genuine humans looking for real estate to buy. How do I know this? Each gave me their phone number and email address.
That’s “batting a-thousand.”
As I create this Delray Beach real estate Market Update in early January, my website traffic is up to start 2023, and direct inquiries are strong.
We’ll see how January plays out… and I’ll let you know when I report on January, next month – see you then!
Delray Beach Real Estate Market Update December 2022.
In my Delray Beach real estate market update for December 2022 I show how our market continues to weaken. It is what it is, and the charts show why.
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