Here’s how things went in the Delray Beach real estate market last month…
Let’s start with lagging indicators like median sales price. It came in at $310,000 – up about 32% from last year. And average sales price came in about $596,000, up 37% from 2021. We call these lagging, as this is what happen in the past.
But these don’t give us a clear idea what what may happen in the future. To understand that we look to leading indicators like active listings, new listings, pending listings and Days on Market (DOM). I find looking at these help you understand the Delray Beach real estate market, better.
The average active listing is down 26%. New listings are down 7%. Pending listings are down 17% – these are properties under contract but closing in a future date like 30-45 days from now.
The big elephant in the room is Days on Market. It’s down a huge 63%. That means homes are selling faster than in 2021 by a wide margin. It’s no wonder as Delray Beach real estate is a hot commodity with all that’s going on in town.
The commercial market is booming with a new hotel under construction. And Atlantic Crossing began back in 2018 – it won’t be completed until about 2025. It’s multi-use with restaurants, luxury condos, apartments and corporate tenants. Our main artery, Federal Highway is seeing boutique townhome and condo development again. Then there is Sundy Village expected to begin construction in 2022.
But the narrative for Delray Beach real estate centers around Florida’s no state income tax, ease of doing business and yes, tourism. Job growth continues to rise here and with the City’s plan for upgrading our neighborhoods and listening to the needs of local business owners, the future of Delray Beach looks better than ever.
But Delray Beach real estate is not immune to the national issues we face: Inflation and rising interest rates. Both are slowing down first time buyers.
And as high season ended in early May, we are now seeing listings stay on the market a bit longer, and… the beginning stage of price reductions. Most Delray Beach real estate price drops are in the luxury market – these are the first to see contraction in real estate. And properties mis-listed are being penalized. We will continue to see more of this as homeowners are caught not being informed about changes happening.
So if you own Delray beach real estate are are thinking about selling in 2022 – pay close attention to market changes. We’ve now passed the point when buyer offers were ubiquitous. We’re seeing less and less competition. Less multiple offers and less bidding up prices. So make sure you price your property at market to drive demand to your home, and not away from it.
You see, Delray Beach real estate has a ton going for it this decade. There are plans for more commercial projects, upgrading our neighborhoods, upgrading our public parks, and becoming a destination spot. Delray is recognized for our world-class dining experience and entrepreneurs are seeing this is a spot to bring their culinary experience and thrive.
I’ll be back next month with my monthly Delray Beach real estate market update. See you then…
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