Today I have three short ideas to share with you related to the Delray Beach real estate market.
*** In my June “How’s The Delray Beach Real Estate Market” update video I introduce a potential new trend that could bring a sellers market back. Regular readers know I’ve been dialed in on inventory for over three years. Following the chart below, it wasn’t hard to see supply takeoff last August for the last half of ’23. That created the recent buyers market.
But as mortgage rates rose in unison, demand slowed and put a pause on sales. Then look at what happened this March. Supply stopped growing and has been in a gradual decline. Even my recent buyers are commenting, “it appears inventory growth stalled out.” Yup. At least for now.
But if falling supply continues, watch out for sellers becoming bullish and holding steady with their prices.
The Delray Beach Real Estate Selling Story That’s Real
*** My latest Delray Beach real estate condo listing went under contract in just 4 days. Let me share the story, why.
I asked my seller, “are you selling based on price or time?” He replied, “I want to sell. I’m not delusional. I want to know what the true value is for my unit today and price it at that. No need to waste my time or yours. Let’s sell it.”
We analyzed square-foot sold prices since January 2024, active inventory Days on Market, and compared the quality of his unit with other units.
I shared my number and how I can up with my price. I told him at this price we’d get “hot action for 1-7 days” and most likely have an offer or two.
His first reaction was, “are we leaving anything on the table?” My answer was simple – time. At this price, I was confident he’d sell it fast. If he kept his Delray Beach real estate condo price like similar units on the market, it’d linger for months – like the others have.
Within 3 days I had 2 verbal offers and one written. We held our negotiating stance and went under contract in 3 days at 99.15% of list price. Or, less than a 1% discount.
My seller sent me the following text: “We Made The Right Pricing Strategy Decision!” (BTW – the other 3 units for sale have been on the market 48, 66, and 109 days)
*** The average listing price for current and active properties in Delray Beach real estate is falling. As of this morning the average listing price is down 8.6% or $55k. The median listing price is down 7% or $22,500.
These are real data points. This shows the Delray Beach real estate market correction in real-time. As I mentioned above, if supply continues a gradual fall, we could see the end of these listing price-drops soon. Keep your eye on this in my weekly eLetter.
(Top photo above: One of my favorite buildings in Historic Bankers Row, downtown)
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*** There is a LOT of change going on in downtown Delray Beach. Out with the old, in with the new
*** The #1 & #2 blog posts on my website over the last 45 days are my essays about the Buyer-Broker Agreement and how transacting real estate starting August 15, 2024 changes. I hope you’re following along. I’ll write more about what to look out for and how it may play out
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*** South Florida’s Surging Supply Continues ***
* Last week there were 46,950 units available…
* This morning’s Inventory is 47,194 *
Since August 1, 2023, supply is up 72%
