Delray Beach real estate year-end 2023 data is trickling in.
Here are some initial highlights from our MLS to begin our 2024 journey:
* Sold-to-Original-List Ratio came in at 92.2%. That means buyers are negotiating almost 8% off the original listing price. So a property listed at $999,000 is selling for about $921,000.
* Days on Market (DOM) for 2023 came in at 52 days. In 2022 it was 29 days. That means it took almost 83% more time to sell a property from the prior year.
* Median Sale Price ended at $340,000. That’s up over 6.25% from 2022’s price at $320,000.
None of this shows if 2023 was a good or bad year in our Delray Beach real estate market (In last weeks’ essay I dove into how bad real estate was in 2023). I look at it as: prices were up, homes took longer to sell, and buyers were able to negotiate.
It seems to me as if sellers and buyers had a good time.
Delray Beach Real Estate Luxury Data To Uncover
But, throughout last year, I wrote about the increasing number of price drops – particularly in the luxury market. As I wrote back in mid-November, the luxury market – primarily the 33483 zip code – flipped from a sellers, to a buyers market. Since then, it’s leaning even more in favor of buyers. Have a look:
One reason is due to the onslaught of new luxury home listings hitting market this high-season. There’s a rising supply of newly-built luxury homes coming to market right now.
The number of new homes, and new listings, along the Palm Trail and La Hacienda neighborhoods is impressive. Take a drive through these areas just north of George Bush Blvd, east of Federal Hwy and you’ll see it. And, let’s not forget Seagate Country Club, west of I95 where there’s a surge of new luxury homes listings in recent months.
A Look Ahead For Delray Beach Real Estate
So, as the cost of money is getting cheaper – mortgage rates – we may find 2024 in a position to absorb this new housing. Think about it: one year ago we saw mortgage rates rising with inflation. Today we have just the opposite going on. Inflation, and mortgage rates, are falling.
2024 could be a boom year in our Delray Beach real estate market. So it’s important to know the data I presented above. I’m sure you don’t look as closely at it as I do. That’s why I share it. I want you to be armed with current, accurate information.
But, data takes time to show up in the market. That’s why it’s important to read my weekly eLetter. It should help you get a “feel” for what’s going on, and help you act swiftly or with patience as the market unfolds.
It could be a strong Delray Beach real estate market this year. Cheers to a magnificent 2024!
[cover photo: Hillsboro Inlet Lighthouse on my Sunrise to Sunset walk New Years Eve down A1A – tons of boat traffic]
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*** As I mentioned in last weeks eLetter, I took a long walk New Years eve from Delray heading south on A1A. My feet made me stop at the Pompano Pier as blisters made it impossible to carry on. I trekked 20.5 miles. What a wonderful way to see our residential and commercial real estate up close… at 2.8mph. I’ll be doing this again many times in 2024. I may just create a Walking Club. Is that something you’d be interested in participating?
*** Speaking of new home inventory, did you see my latest video about a new home development happening in Delray now? If you’ve been looking for a newly built home with loads of amenities, call me asap.
*** Get over a half-dozen downloadable pdf’s on ways to help you save money as a homeowner. It’s all in my Delray Beach Real Estate Green section, here
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*** Inventory is Surging – UP 42% in 135 days! ***
* Last week there were 38,697 available…
* This morning’s Inventory is 37,311 *
*** NOTE: This is the 1st week in 19 weeks Supply is DOWN!
… supply FELL 1,386 in the last week ***
