I have two ideas to share with you today…
*** The median home price in greater Delray Beach real estate market is up 11.5% this year vs. 2023.
I’m not talking about month-over-month. This is about the first eight months of 2024 versus the same time span in 2023.
You may find this percentage increase a surprise based on all the news about our shifting market, how the condo market is in shambles, how current active listing price drops are now near 9%.
And, it’s taking 62% longer to sell property.
While the “news” sounds horrible, homeowners are relishing in the longest real estate bull market of all time.
But with 28 years in this business I know one thing: moving forward Delray Beach real estate data won’t be as rosy as its been the last few years. In other words, the data is starting to catch up with itself. Right now we’re comparing this year versus last year. But as time goes on, and price drops continue and… well, the narrative will change.
It’s a game of psychology. As soon as median price growth begins to fall from double to single digits, all the other data I mentioned above will make more sense.
I’m not suggesting prices will fall. After all, with The Federal Reserve hinting rate reductions as we enter the final four months of 2024, that could cause a surge in the Delray Beach real estate market. And that’s as we transition from off-season, to high-season.
Add that to our housing supply that peaked in March at 1,888 units, but has been falling the last five consecutive months and now stands at 1,712 units… our local market could see on-going high or even higher prices.
Where do you think our local market will be to start 2025? I’d love to hear your inputs.
Delray Beach Real Estate Townhomes and Condos
*** I’ve sold some condos and townhomes in the downtown Delray Beach real estate market recently. Each sale has it’s own story behind it: snowbirder’s, investors, weekend warriors.
I’m becoming more clear on one thing: it’s becoming irrelevant to analyze all condos/townhomes throughout the downtown area, and it’s more important to value each community itself.
For example, in my 2nd Quarter Guide to Townhomes, the median priced townhome was $1,166,925 or $542 per square foot. And in my 2nd Quarter Guide to Condos, the median price was $992, 358 or $677 per square foot.
Although that data is of value, each community must be analyzed on it own.
So, if you’re thinking of selling your downtown Delray townhome or condo, or buying, I’d be happy to share my guides with you. Text me on my cell down below, or grab yours free right here and here. I publish these quarterly. With one month left in Q3, I’ll have the latest version for you next month.
But if Delray Beach real estate is on your radar now, get here before the high season crowds arrive..
(Photo above: My colleague’s new $3.4 million listing on the north side of downtown Delray. If you’re in the luxury market, this 2,500 ft2 home sits on an 8,500 square foot lot an is spectacular)
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*** It’s downtown Delray Beach Restaurant Month! From September 1 – 30th, more than 40 restaurants, cafes, and fast-casual establishments/eateries will offer special deals. For all the details, click here. Speaking of restaurants, did you see my Newest Video revealing new ones coming to Delray before year end?
*** The new world of Delray Beach real estate, post August 17th, is going just as planned – wonky. But all the buyer agreements are now in play – I’ve had 11 signed in the last 17 days. And I’ve had 4 customers submit offers. It’s more or less a procedural change. If you have questions about it, give me a call. As for home sellers, you must know about these changes, too.
*** If you’re thinking about selling your property and want to get its current value, no fluff, so we create the best selling strategy possible… Call me at 561-777-4089. I’ll answer. Or click here. I’ll share all you need to know about your options when listing your home for sale.
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*** South Florida’s Surging Supply Update ***
* This morning’s Inventory is 48,218 *
* Last week supply was 48,119 *
That’s a 99 unit Increase in one week
Since August 1, 2023, supply is up 73%
*** Delray Beach real estate data is similar with inventory UP 81% since 12 months ago
