No matter where you are positioned in the Delray Beach real estate market… there are big things going on.
Let’s start with this chart:
You can deduce it in two ways: 1. the year-over-year drop in the Median List Price (in all of Delray) is down from $370k to $362K, or a 2.1% drop.
Or 2. I view it from the peak in July at $464k. Since then, the median list price is down a whopping 22.5%.
I discuss this chart in more detail in my March Delray Beach Real Estate Market Update video. I also show how sellers are doing what they can to find buyers, but the gap isn’t closing, yet.
Here’s something: buyers are out in force. They’re looking, but not pulling the trigger like they have the past couple years. Last week alone, I had 4 buyers who came and left… and no offers. After getting beaten up in 2022, buyers remain cautious and patient. They hear stories of friends who bought last summer… at the peak… like that chart above.
Buyers are scrutinizing data. It’s not rare for a buyer to belt out a new data point showing just how knowledgable they are. I’ve never seen them so armed with good information (I’m sure they’re watching and reading my weekly eletter and monthly Delray Beach real estate market updates)
Check out these datapoints:
- Days on Market (DOM) continues to grow. In the last year it’s up from 22 days to 58 days now.
- Sales are dropping fast. Year-to-date the number of sales are off 28%.
- Affordability remains low. From a 170 reading to 105 today (the higher the number, the more people can afford monthly payments)
- Inflation remains high. Down from 8% last December, but 5% is still 100% above where our government wants it.
- All while inventory is crashing, again. (see below and watch my video above).
So dear Delray Beach real estate homeowner… I know you’re doing what you can to find buyers. I see you lowering your price each day. And, your home isn’t selling as you thought it would. I wish I had better news, but high season is over in a few weeks. At that time demand will slow.
As you know, summer is our slow season. It’s hot, hurricanes start up with our heavy rains. Buyer from the north put their Delray Beach real estate plans on hold for 3, 4, 5 months. But our seasonality is lessening compared to the past. We can thank the growth and appeal of downtown Delray and our 74 plus restaurants.
Buyers are still out there waiting, wanting, looking to buy. They remain in the game. As for sellers… it is a bumpy ride. And if you’re not in the game… business will continue on.
Delray Beach real estate remains a hot place for buyers. Delray offers so many great things that help buyers call it home. Keep your eye on the data. With prices off from their highs by a good margin, you’ll be well-served to stay engaged and prepared to take action.
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*** Although Delray has been celebrating it all month… Earth Day is this Saturday, April 22nd. Who wants to join me in the beach clean up? Here’s where to meet me. Maybe you could use a nice tree for your yard. Then I’ll meet you at the showing of FishPeople. Details to all of Saturdays Events are here.
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*** Your Weekly Inventory Update ***
* 4 years ago there were over 54,000 properties available in S. Florida
* It bottomed in February 2022 at 14,485… a 73% drop
* Last week there were 28,791 available… a 102% rise in 14 months
* This morning’s Inventory is 28448
*** Inventory is DOWN, 13 weeks in a row ***
