Delray Beach real estate prices are falling and price cuts are here.
A lot of news outlets and consumers are talking about the fear and what’s happening in the real estate market – how Florida real estate market will implode, homeowner’s insurance issues and condominium issues.
Those are things that we always want to be concerned about. Those are risks whenever we buy or sell real estate. But the thing is, depending on what side you’re talking to, buyers or sellers, falling prices is not a bad thing for sellers. It’ll help them sell their property because a lot of buyers are on the fence. And for home buyers… well, that’s just lower prices.
So today I’ll show you what’s happening in the Delray Beach real estate market, and then support it by showing you what’s happening in our surrounding markets.
Delray Beach Real Estate Information To Savor
For me, it’s all about supply and demand. To begin, take a look at active listings.
This is the active listings growth over the last year. You can see Boca had a 40% increase. Boynton Beach, is up 77% increase. Delray Beach saw a whopping 83% increase. Same thing for Fort Lauderdale, with a 50% increase and West Palm Beach is up 44%.
This onslaught of supply is giving sellers more competition. If they don’t bring their prices in line with the market, they’re not going to attract buyers.
All this new competition is forcing sellers to lower their prices as it’s taking longer to sell. A year ago, it took about 42 days. Now it’s taking over 75 days for properties to sell. That is one of the key metrics I watch.
How Delray Beach Real Estate Compares With Other Cities
Now here’s data that my colleagues wanted me share with you. This is what you’ll read in the media – how prices in Florida are still going up on a year-over-year basis. Take a look at this chart.
Over the last year, the median price increase in Boca Raton is 15.3%. Boynton Beach, 6.5%. Delray Beach, 13%. Fort Lauderdale, 7.3%, and West Palm Beach, 18.5%.
It’s this data that makes understanding our markets confusing. When you look at the newspapers, they say Florida prices are up. And when you read local sites they show how Delray Beach real estate prices are soaring. Looks like things are good on a year-over-year basis.
That’s great, but that’s a lagging indicator. That’s what happened sometime in the past. You don’t want to spend time on what happened in the past. You want to know is what’s happening today and how the market will be moving forward.
Now let’s look at three pieces of data that shows prices falling for Delray Beach real estate and South Florida.
Here’s what I wrote in my April 3rd newsletter for my subscribers. I pulled up the data on Delray’s zip codes. 33444 and 334833. Those areas are on the east side of I 95. It’s where you’ll find higher priced properties and the luxury beachside markets.
As of that morning on April 3rd, there were 425 listings in those two zip codes, 210 properties had lowered their price. That’s just shy of 50% of the properties in that market with price reductions.
The average price drop was $130,000 or a 7.1% price reduction.
Home sellers are cutting their property prices today. Why? Because they’re properties not selling and buyers want to buy property that’s priced for today’s market – not yesterday’s.
Delray Beach Real Estate and Other Price Drops
Now let’s look at the actual percentage price drops in these five communities.
First, Boca’s average price drop is 7.4%. Boynton Beach, average price, almost 7%. Delray Beach real estate, almost 9% drop. Fort Lauderdale, 6.5% average, and West Palm Beach, 7.6% average price drop.
That is what’s happening in the market today. The data comes directly from the MLS. I’ve been writing about this in my weekly newsletter. If interested sign up for that, here.
This is the time right now for sellers to step up and get out of the denial phase of this market. Real estate goes in cycles. It goes up for a long time, then it comes down… and it repeats that pattern.
So if you’re a Delray beach real estate home seller, and you want to sell your house… price it at today’s market.
if that’s you, call me. I’d love to come out and meet with you. You can show me your property so we can come up with a current pricing strategy that’ll help you attract buyers and sell your property today.
You don’t want to be on the market and linger on the Days On Market report like your competition. That doesn’t serve you and it doesn’t serve buyers. Now is the time to get current so you can sell your home and move on.
Demand for Delray Beach real estate remains strong – let’s help folks buy!
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Is Your Equity at Risk? Delray Beach Real Estate PRICE CUTS Are Here!
So, like many places in the country, the Delray Beach real estate market is changing fast. It went from a sellers to a buyers market in 2024. Then came price reductions. And now they continue as supply continues to surge. In this video I share a TON of data you need to know if you’re thinking of selling your home.
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Realtors – Partner with me at EXP Realty! Schedule a call to learn how. Florida license SL3444240. (Oh yeah, I lived in Costa Rica for over 12 years. Owned & operated 13 real estate franchise offices. If you’ve ever thought about buying a home in Costa Rica, call me. I can help you get from here to there safely and guide you through the entire process. My Costa Rica Rolodex is full of friends, lawyers, tour operator to help ). #delraybeachrealtor #delraybeachrealestate #johnwieland 00:00 Introduction 01:04 Why Prices Are Falling 01:37 Active Listings Rip Higher 02:57 Year-Over-Year Prices 04:22 Prices ARE Falling 05:33 Actual Price Drops 06:49 5 Cities Price Drops 07:40 Get My Newsletter 08:05 HomeSellers – Do This
