At the beginning of every summer I write about the same idea – that our “Buyer Season” in the Delray Beach real estate market is officially here.
And if you’re a homebuyer, this year will be a lot different – let me explain…
* One year ago the average Delray Beach real estate Days On Market (DOM) was just below 49 days. Today it’s about 78 days, or almost 60% higher.
* Supply of Delray Beach real estate homes is now up a tad over 80% in the same time period.
Here’s the major difference between now, and last summer – price drops.
Per our local MLS, today, the average active listing price drop for Delray Beach real estate is 8.8%. For more context, Boca Raton is 7.4%, Boynton Beach is 6.8%, Fort Lauderdale is 6.6% and West Palm Beach is 7.6%.
Those are consistent price drops throughout South Florida. (In my new video I show everything you need to know about prices falling in the Delray Beach real estate and surrounding communities).
And the story unfolds…
Yesterday I read this interesting piece by Zillow that said:
“We found that in the U.S. as a whole, homes that sold more or less as soon as they hit the market had sale prices that were only about 1% below list price, while homes on the market for about 2 months sold at 5% below. And homes listed for the longest amount of time (11 months on average) fared worst, selling at 12% below list price.”
In other words, sellers who price their home right, from the first day it hits the market, sell fast with little negotiating. But a high percentage of sellers don’t implement that strategy.
Buying Strategies For Today’s Delray Beach Real Estate Market
So, with the flood of inventory in the market today, home buyers should spend more of their time focusing on older inventory. Pay closer attention to properties that’ve been on the market 60-plus days. With focus like this, you’ll find more 90-plus day-old inventory, too.
This is where you’ll be able to negotiate and get the best deal possible.
Again, homebuyer, you’re in a great position as our rainy season begins. The next 3.5 months is your sweet spot to buy. It’s when you’ll have less competition in the Delray Beach real estate market. It’s when most folks won’t bear our summer heat and will be scared away with all the hurricane talk in the news. And at the same time, price drops are ramping up, not slowing down.
P.S. Homebuyers should be aware of how agent-buyer representation will change this August 17th. This is due to the National Association of Realtors (NAR) settlement from late last year (Get caught up in my essay about this last month). In short, it has to do with 1. signing a buyer representation agreement with your agent before touring a home and 2. agent compensation and who/how it’ll be paid. For more, I’ll be writing about the latest real estate industry updates and changes next week.Delray Beach Real Estate Prime Buying Season is Here
(Main photo: June 8, 2024 Saturday night live concert in Old School Square)
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*** The City of Delray Beach would love your input. They have a short Climate Action Planning Survey and are asking for as many residents to help them with important sustainability ideas. Click here to complete their 2-minute questionnaire
*** Imagine having a home so energy-efficient that when you go to sell it, you focus the buyers attention to how little your expenses are! Here are three more sustainable housing trends to learn about
*** Need a nice bottle of wine for a summer gathering? Go to TheWineWave just east of the bridge on Atlantic Ave and tell them MrDowntownDelray referred you. Their selection of Italian white varietals is world-class – try something new!
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*** South Florida’s Surging Supply Continues ***
* Last week there were 46,694 available…
* This morning’s Inventory is 46,879 *
… supply was UP 185 units
Want to meet up for coffee? Glass of wine? Call me at 561-777-4089. 2024 is about connecting dots, being resilient and making new connections…
