For the most part, the 2023 real estate market was a disaster… but that’ll change in 2024.
No matter what metric we look at, it was horrible for sellers, buyers, and brokers:
* Total existing home sales in the US was the lowest this millennium. Worse than at the bottom of the Great Recession in 2009. Have a look.
* Mortgage rates went from 6.45% and peaked at 8.03% over ten months. Today they hover near 6.7%.
* Inventory fell to its lows in August, but it’s now rising.
* Pending home sales – sales yet to close representing future sales – also plummeted to their second worse number.
But longtime readers want to know where the puck will be for the Delray Beach real estate market in 2024.
The Delray Beach Real Estate 2024 Market Will THRIVE
I’m not one to make predictions as for most of my career no one gets them right. Instead let’s look at some local Delray Beach real estate things that may help paint a picture:
* We have 369 days until the all condos three stories or higher must have their reserves funded and “Structural Integrity Reserve Studies (SIRS) must be performed for each building on the property at least once every 10 years and the first one must be completed by December 31, 2024 in almost all cases.” Read more here.
Here’s a condo in Highland Beach redoing the concrete balconies and getting a new paint facelift:
In other words, the condo market will become “less risky” as building will complete their special assessments and condo ownership unknowns will be fully disclosed. This will boost buyer confidence.
* I’ve counted 9 Delray Beach real estate condo/townhome projects that will begin construction in 2024.
* There are two new home construction projects well underway in Delray Beach. You check out one of them out in my new video (I’ll have the 2nd one ready in January). It’s been several years since the Delray Beach real estate market had a new home project – these will sell due to demand.
* I monitor the growth of our restaurants in downtown Delray and count 14 new locations that will open in 2024. I recently walked downtown Delray with my daughter and we counted 62 restaurants. These new one should put Delray at over 76 in total.
* Housing supply is up over 42% in the last 4 months (see below) – buyers are giddy.
* Delray’s premier commercial project, Sundy Village, should be nearing completion this time next year. You can keep current right here.
In my opinion, 2024 Delray Beach real estate market may see its best year ever.
There are more local projects to include and I will do my best in 2024 to keep you current on all local happenings.
Thank you for reading my weekly eLetter this year. I enjoy sharing with you the most important ideas and writing every word in an easy-to-read format.
Whether that’s about the Delray Beach real estate market, local happenings, or significant events in our surround communities… I love writing and sharing good news.
Wishing you a Healthy & Happy New Year!
[cover photo: December 25th sunrise from Delray Beach]
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*** This coming Sunday, New Years Eve, I’m going on a long Sunrise to Sunset walk. I’ll start in downtown Delray, head east to A1A, turn south and keep walking. If all goes well, I should end near Galt Mile in Ft Lauderdale. About 29-31 miles. Wanna join me? I’ll let you know how I did next week
*** Ever wondered how the real estate commission works? Read this
*** Want to start your greenliving journey for 2024? Let me help you start
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*** Inventory is Surging – UP 42% in 135 days! ***
* Last week there were 38,921 available…
*** This morning’s Inventory is 38,697! ***
OR… up 6,716 in 9 weeks!
