The median list price of real estate in Delray Beach is crashing.
If you’ve been planning to buy real estate, these two data points are exactly why you need to stay engaged right now.
As you can see in the graph below, the median list price of properties in Delray Beach was $464,000. Since then, it’s been crashing. Today it’s $360,000, for a 22% drop in the median list price.
Home sellers are doing whatever they can to find buyers and are dropping their prices at the same time.
The interesting aspect of lower list prices is that it’s not helping sales. As of April 2023, the year-over-year number of Sold Listings is down over 28%.
Then, the average Days On Market bottomed last July at 22 days. Since, it has been rising now to 58 days. That is a 160% increase in the time it takes to close a transaction.
As I look through all the data metrics at the start of the second quarter, it’s clear data is changing. But, we’re now comparing against the 2022 real estate market – one of the strongest real estate markets ever.
2022 saw the lowest interest rates ever at 3%. At the same time, prices were soaring and open houses attracted more buyers than we’ve ever seen before.
Back then, it was common to show up to an open house and see 20-40 people standing in line. With that demand, home sellers didn’t need to do a thing to sell their home. Back then, home sellers didn’t need a marketing budget or strategy. Their home simply sold for a list price or higher.
Home sellers today don’t like to hear their agent tell them they must lower their price to find buyers. What would be better is for home sellers to list their property at or below market value to begin, seeking buyers who sense a deal. This would curtain price drops and help home sellers cut down on the length of time it’s taking to sell their home.
So if you’ve been waiting on the sideline as a buyer, get in the game. Home sellers are negotiating and you will find a perfect match.
Bottom line: home sellers are dropping their price to find you. You just need to show up.
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How Home Sellers are Searching for Homebuyers
Home sellers are dropping the price of their home by a LOT. The median listing price is crashing. Home sellers are doing what they can to find homebuyers…
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