After sending you my eLetter last Wednesday it was game-on. Literally.
The Delray Beach Open (Tennis) drew massive crowds. It was reminiscent of 2019 when people were everywhere having a great time. It was fun, sun, and a lot of volunteer work, too.
The photo above was Sunday afternoon watching the double’s championship match in the blazing winter sun.
The top seed and World No. 7, Taylor Fritz took 1st place.
But if you missed it, you can redeem yourself next month. April 15-16 is the Billie Jean King Cup Team event with our local tennis star Coco Gauff competing on the Delray Beach court. But looking at availability, you need to hurry and get your tickets asap. Look at this.
Besides tennis, a new restaurant opened in Delray Beach last week. The grand opening at Le Colonial was last Thursday. Stunning, world-class, and scrumptious come to mind. I’ve yet to enjoy it, but my wife and I will next week with friends who read this eLetter.
Then, while riding my beach cruiser through downtown Delray Beach last Friday night, I was able to get a glimpse inside another hot spot about to open March 15th. Hampton Social in Atlantic Crossing is adjacent to Le Colonial. It’ll seat about 300 folks and have a live stage for music. The ambience looks “beachy!”
If you’re not familiar with Atlantic Crossing, check out my recent video on the things you must know about Delray Beach this year.
I’ll leave you with one real estate related piece of news: existing home sale across the county in January came in at 4 million. A year ago there were 6.3 million sales. That’s a massive 36% drop in 12 months.
But that correlates to how things are in the Delray Beach real estate market. Exiting home sales in Delray Beach are down 44% January 23rd compared to January 2022. So, Delray Beach fared worse than the national statistics.
Of course, most of this is due to the fact that Delray Beach has little space to build new developments. From the beach to the swamps, there are only a few large parcels of land left… and most of those are in commercial or retail areas. So inventory is down.
2022 saw incredible volume of sales in Delray Beach. But, with few projects coming to market, there wasn’t enough supply to meet demand. And here’s the thing: it will remain the same scenario throughout 2023.
However, as 2023 is a transitional year, 2024 will then be compared to this year. At that point, Delray Beach real estate data will have a different tone as “the worst data” will be compared to 2023. That will make 2024 appear to be a stronger real estate market.
Of course, if you want to learn more and get my weekly eLetter sent to you free of charge, sign up here.
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*** If you missed it, my January “How’s The Market” video came out last week.
*** If you’re thinking of relocating to South Florida but need a little more information on specific towns, I’ve written plenty that may be useful for you here.
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*** Your Weekly Inventory Update ***
* 4 years ago there were over 54,000 properties available in S. Florida.
* It bottomed in February 2022 at 14,485… a 73% drop.
* Last week there were 31,004 available… a 114% rise in 12 months.
* This morning’s Inventory is 30,812.
*** Inventory is dropping, 6 weeks in a row ***
