The more data I comb through in our MLS, the better story I can share about our changing Delray Beach real estate market.
Later this week I’ll publish my April Delray Beach real estate market update video. In it I share a handful of charts showing you local data yet to hit news outlets. Be on the lookout for it here.
I’m getting a lot of customers asking me if this is a good time to transact in today’s market. Of course, that question is too broad. There are a lot more questions that come to mind.
But to help you, below I use our local data starting last August 1st as a reference point.
Important Delray Beach Real Estate Market To Know
* Days On Market (DOM) is up 60% to 73 days
* Sold-to-List Ratio fell from 93% to 89%
* Local housing supply is up 83%
* # of sold units is down almost 12%
* Out of 3,313 properties sold in the last 365 days, 11.7% or 390 took longer than 120 days to sell
*** Of the 1,636 listings currently on the Delray Beach real estate market, the average listing price change is down 8.7% ***
One more chart you need to see regarding Delray Beach real estate – the long term DOM – not much I can say, but…
To me, this is clear evidence we’re heading deeper into a buyers market. This statement is good for the greater Delray Beach real estate market. I could dive further into the MLS data on a zip code basis, or a specific area or neighborhood.
As you hunt for your next property, if that’d be of interest to you, contact me at 561-777-4089.
To wrap up, here are two pieces of information that stood out to me regarding Florida’s real estate market today:
* Did you know the one year change in Florida inventory for sale – as a state – is up 64% from last month over April 2023?
* Or that the effective mortgage rate among outstanding mortgages in Florida is 4.2%? (Wow)
Whether in our state, or just about Delray Beach real estate, home sellers may be putting their homes on the market in growing numbers, but they’re in no hurry to sell. Part of that is due to their low financing. They’re also sitting on a pile of equity.
On the other hand, home buyers are grappling with 7.25% mortgage rates or high homeowners insurance rates. They too are not acting with urgency.
In this market you’ll be better treated by deploying patience. With prices falling, and down about 8% locally, buyers are perking up. And this is one more data point for home sellers to focus on. Why?
If you’re selling your home and mis-price it… you’ll end up in the statistics that are not favorable. Delray Beach real estate is still solid, but the last thing you want to do is set your expectation above the market. That is not a formula for success.
(Main photo: The main pool at Woodfield Country Club last Friday)
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*** Did you vote for the best beach in Florida right here! Delray Beach is currently #1 on the USA Today Leaderboard – you can see the leaders in that link. The 10 winners will be announced on Wednesday, May 29 ***
*** Happy Mothers Day to all mom’s this Sunday – and every day!
*** August 17th – this is the day The National Association of Realtors (NAR) and MLS’s implement the changes across the country about the class-action settlement. More updates on a weekly basis. (refer to my past issues on this subject)
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*** South Florida’s Surging Supply Continues ***
* Last week there were 45,859 available…
* This morning’s Inventory is 45,719 *
… supply was Down last week – first time in 3 months ***
