The Delray Beach real estate market is changing fast.
Beyond what I’ll show you below, this past weekend was a wake-up call for realtors in the area. I spoke with 8 agents who held Open Houses in the Delray Beach Real Estate market last weekend. Most last 2-3 hours, and some agents held them both Saturday and Sunday.
A total of 27 hours were available for the public to view those open houses, yet only 6 people showed up. Agents were “ghosted.”
Mind you, holding Open Houses is just a part of an overall strategy when marketing and representing sellers. There is a lot more that professional agents can do beyond that. But this is a psychological shift in our market. With 5 weeks left in this high season, agents were caught off guard with the void of visitors.
Delray Beach Real Estate Data Not To Ignore
And here’s what sellers are now grappling with – data that continues to prove they no longer have the upper hand in today’s market. Check out some data I pulled last night to bring you current:
* Since bottoming last August, Delray Beach Real Estate Active Listings are UP 18% (it’s up over 275% when I go back to May 2022).
* The time it’s taking to sell is up 26% – now hovering at 92 days. Look:
* Median list price is now down 1%. But here’s what you need to know. The Active Listing price drop stands at 7.4%. This refers to properties that come to market, haven’t sold, and the prices drop. So there’s potentially more room for it to fall and sell for less.
* February 2024 there were 302 properties sold in greater Delray Beach real estate market. This February, just 171. That’s a 44% drop.
These weak numbers hurt sellers the most – kind of.
In past letters I’ve talked about real estate agent sentiment. There are no reports for this (hm). It’s more my observations being boots-on-the-ground.
Agents are texting each other more than I’ve seen in a long time. They’re seeking feedback to make sure they aren’t doing anything wrong. I see a lot of texts asking how to do better Open Houses, if others are seeing the drop off we’re seeing now. And, asking to meet and review new ways to market their listings in today’s market.
Delray Beach Real Estate Agents Affected Too
Agents and sellers are in the same boat.
So, if you’re a seller scratching your head asking why you’re not getting more showings, why you haven’t gotten any offers etc… you’re in fine company with all the other sellers.
Follow my South Florida Housing Supply update at the bottom of this letter. Today there are 62,792 active listings in South Florida. In May 2022 there were only 14,475.
There are 334% more listings today than 36 months ago.
Buyers are inundated with options today. Sellers – you better price your property right!
And if you are considering the sale of your property that’s in the Delray Beach Real Estate market, call me for a transparent talk about how to position it to sell.
(Top Photo: Savor The Ave this Monday was a Blast! Did you go?)
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*** Based on my essay today, sellers in the Delray Beach Real Estate market may find my latest blog useful, The Key to Selling Your Home Fast in Today’s Housing Market
*** Earth Month Starts April 1st. Delray Beach’s iconic beach is celebrating its third year with the prestigious international Blue Flag designation. Our city commission support efforts to restore our local coral reefs, through a collaboration with the Reef Institute, Palm Beach County, The Sandoway Discovery Center and The Reef Restoration Consortium. The Reef Institute has been out-planting juvenile corals in Palm Beach County since November 2022. Reef out-planting is an effective strategy to address the decline of coral reefs, enhancing reef resiliency and long-term recovery. Delray’s City Commission agreed to fund reef restoration efforts with an initial $40,000 commitment – the minimum amount needed to start the restoration project.
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*** South Florida Real Estate Inventory is ABOVE 2019***
Last week’s supply was 62,346
Today’s supply is 62,792
Supply was UP 446 units last week
*** That’s a rise of 8,550 or 15% in 2025 ***
* Delray Beach Real Estate Supply is also up 17% this year *
