Today I have two important ideas to share with you:
1.) New Hyperlocal Downtown Delray Real Estate Data
First, let me define where I consider downtown Delray Beach to be: From the beach west along George Bush to Swinton, south to Lake Ida, west to NW 5th Ave, south to SW 2nd St, east to Swinton, south to SE 10th st., and east to the beach (this is subjective, but for creating reports I need, and use, a consistent area).
When I look at single family homes, condos and townhomes… here are some startling statistics I uncovered in downtown Delray:
* Total of 152 listings. One year ago there were 117. A 30% increase
* Months of Inventory is 9.7 (above 6 is a buyers market)
* Ave. Days On Market is 104. One year ago it was 53. That’s almost twice the time to sell
* # of Sold Properties in 2024 is 157. In 2023 at this time was 183. Down 14%
* Sold-to-List Ratio: today it’s 83.2. One year ago it was 91.8. So a $1 million property is now selling for $830,200.
Long time readers know I love drilling down into the data. But, this is one of the deepest dives I’ve done in this year. And this research is important. Why? I can’t tell you how many customers ask this general question, “How’s the market?”
If I answer, “Downtown Delray Beach is strong. We’re seeing inventory up, demand down, and it takes longer to sell”… that is of no value if you’re looking within a defined area like the one above.
Understanding a market is not about, local – it’s about Hyperlocal.
2.) Downtown Delray Beach is One Spectacular Place to Call home
This Friday, I will complete my 6-week Delray Beach Citizens Academy Program. I’ll share more details in the weeks to come (A group of about 20 residents were selected to met with city leaders and heard how each department operates – we got some good information about the future of our city).
If you’re thinking of moving or relocating to downtown Delray or generally in Delray Beach, here’s a reminder of how fortunate we are to call this place home.
Delray Beach is a vibrant and diverse community that’s been honored with numerous accolades:
* USA TODAY’s 2024 10Best Readers’ Choice Awards named it the #1 Best Beach in Florida.
* Atlantic Avenue, our charming and historic downtown Delray, was recognized as one of America’s 10 Great Shopping Streets by USA TODAY.
* Our city, which proudly celebrates its rich history while looking to the future, was named an All-America City in 1993, 2001, and 2017 – the first city in Florida to achieve this distinction three times.
* Downtown Delray Beach is ranked the 5th best city for small businesses in the U.S. by Verizon Business.
* Coastal Living Magazine named it America’s Happiest Seaside Town and one of Florida’s 10 Best Little Beach Towns.
Sorry – not sorry – to brag a bit. This is a reminder of what a wonderful city we live in… or where you’ll choose to call home one day soon.
(Photo above: North view from Atlantic Ave Bridge looking at Barr Terrace Condos)
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*** I have new content on my website for buyers (start with Making An Offer, then see what else is under the Buyer Icon)
*** If you’re a seller needing no-nonsense talk about pricing your property to sell, call me. I’m not shy about sharing what I believe is the right price. I won’t sugar-coat statistics. I just want to help you Sell Your Home using accurate and current data.
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*** South Florida’s Surging Supply Update ***
* This morning’s Inventory is 53,033 *
* Last week supply was 51,981 *
That’s a 1,082 Increase in one week
November Inventory is UP 1,058 units
