Our South Florida Buyers Market continues to reveal itself, and today I’ve uncovered new data to support this idea.
(In my new Delray Beach Market Update Video I share chart after chart about what’s going on)
Before I reveal it, longtime readers recall when I first called our current Buyers Market on March 3, 2024.
That’s right, 15 months ago. Have a look at what I wrote back then.
As time continues, so does the strength of today’s Buyers Market. It’s the biggest theme I’ve written about this year (sorry home sellers). But if you follow along each week, you may be saying I wrote something different last week.
Well, I write what I see and interpret, and am flexible to change as it happens.
So, after almost 30 years in this business, I know one thing about real estate – the luxury market is the first to fall. Same goes for luxury goods like yachts, fine watches, planes. Knowing this, here’s what I found this week about our South Florida luxury market and its Buyers Market:
* There are currently 60,782 properties available today in South Florida
* Of those, there are 11,985 listed over $1 million. So, homes over $1 million represent almost 20% of the market
* Out of these 11,985 homes, 6,693 have been on the market 90 days or more. That’s almost 56% of all homes over $1 million that are still for sale
* 5,172 are 120 days or older – that’s over 43% that haven’t sold
* 3,028 are older than 180 days – that’s over 25% that are 6 months and older
* 888 are older than 365 days – or one year. That’s 7.5% still seeking a buyer.
And here’s where the data gets fun:
* Over the last 12 months, 7,475 homes listed on the market above $1 million expired.
* In the same time period, 758 withdrew from the market
* And here’s the biggie – 8,417 were canceled
These represent hefty percentages for the luxury Buyers Market.
If you’re a home seller in today’s Buyers Market, and are a statistic above, here are some things to consider moving forward:
* Your home could’ve been priced wrong. Perhaps you are one who wanted to “price it up there and let’s see what happens.” Bad strategy today.
* Your home didn’t show well. Bad photos? Too much clutter? If either of those exist when a buyer browses online… you’re toast. There are too many options in this Buyers Market for customers to review.
* Poor listing / market exposure. What strategy did your realtor say they would plan and take action on? Was there a plan beyond posting on the MLS? If you chose a realtor who does not present a marketing plan, you may want to consider another realtor.
If you’re a buyer in this Buyers Market – enjoy the ride. But remember, trying to time a bottom or top of any market is a fools game. Right when you think you timed it… the market changes.
So, you too need to have your strategy in place and stick with it. Just make sure you’re pre-approved by your lender before your start your search so you’re ready to act with confidence.
That’s a great strategy.
(Main Photo: Summer sunrise Delray BEACH style…)
—————————————————
*** My latest Delray Beach Real Estate Buyers Market Update VIDEO is online right here
*** In the last 60 days, we put a new roof on our home AND installed new hurricane impact-glass widows throughout – I’m creating a video on those that’ll be on my YouTube Channel in the coming weeks
*** This past Saturday, my team and I toured an Auxiliary Dwelling Unit (ADU) sustainable modular home builder in West Palm Beach. I wrote about ADU’s in my recent blog. The photos are from our tour. If you’d like more info on this ADU builder, call me directly. It’s an exciting segment of our RE market that has many uses for property owners
——————————————-
*** South Florida Real Estate Inventory is ABOVE 2019***
Last week’s supply was 60,669
Today’s supply is 60,752
Supply was UP 133 Units last week
*** Supply is UP 7,075 unit or 13% in 2025 ***
*** Supply is DOWN 5 of 6 weeks***
