Delray Beach real estate remains hot. But as we look at the data and what we see in our local market, it may not be as hot as it was last high season.
Let’s dive into data I believe is worth your time to know…
Delray Beach Real Estate Data
First up is our Active Median List Price for greater Delray beach real estate. The current median price is $469,000, but back in January of this year it was $299,000. Quite the increase of 56% in just eight months. Knowing our local market, this is due to the number of properties that came on the market on the east side of town – east of I95 – compared to smaller condos out west. This is a local “thing” you’ll understand the more time you are here.
Next is the Days On Market. There was a double bottom in May and July this year at at 21 days. But in August it jumped to 28 days. Buyers are scrutinizing prices and taking longer to decide on a purchase.
Last is the Delray beach real estate Sold-to-List price. It peaked in April at 99.5%. Back then, sellers were getting almost full list price contracts. But then it fell off a cliff. In August it crashed to 95%.
That’s the data. So, now let me share what’s going on in the Delray beach real estate market from ground level.
Delray Beach Real Estate Narrative
The market appears to be “confused.” By that I mean demand is slowing, while based on data, sellers still have the upper hand. But that is changing and sellers are seeing less traffic through their homes.
Although inventory is up 87% in 2022, it’s still down 50% from early 2020. So supply remains an issue for buyers, and sellers continue to capitalize on this basic economic fact.
Now we are negotiating on properties again. Earlier this year Delray beach real estate was one-sided – the sellers price or forget it. Not anymore. Last month I helped a handful of buyers into properties at 4% to 14% discounts from list price.
But, this negotiation depends on the quality of the property. Those with no deferred maintenance get full price or higher, while those needed to love and care are a buyers advantage.
So again, sellers need to price their property to TODAY’s market and not to that of six months ago. If you do, you’ll become a statistic driving UP the Days On Market chart.
And for the Delray beach real estate market, the first day you list your property is the day when the most eyeballs are on it. After seven days it wanes. After 14 days it’s forgotten. By then the value of your property erodes to a number you won’t want to hear.
As you can see, Delray beach real estate remains a hot commodity. But there are clear signs of change. Stay current each month as I share specific updates all throughout our community. And be sure to click on the links below to get your free guides on home staging and relocating to Delray Beach… and becoming familiar with our Delray beach real estate market.
Delray Beach Real Estate Market Update August 2022 Here’s a look at the Delray Beach real estate market for August. This month I share three data points I believe are worthy of your time. Then I give you my boot-on-the-ground interpretation of what’s going on in our local Delray Beach market. This one is jammed pack…
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