Whether you’re a home seller, or home buyer, the data below affects you in one way or another – if you’re looking to sell or buy Delray Beach real estate.
That statement can be true all the time. For example, this time last year the main theme was about surging housing supply in South Florida. It was a trend lasting almost 12 months. It was when interest rates fell from 8.01% to the mid-6% range.
Today is different. It’s a new real estate market with new dynamics to consider. I see four areas in the Delray Beach real estate market where you need to focus your eyeballs:
1. Number of Sold Listings. In September there were 176 properties sold. That’s the lowest amount in more than 10 years. The two prior lows were in January 2024 – 189 units. And in January 2023 – 197 units. Compare that to the highest number of sold units in March 2021 – 555.
2. Sold-to-List Ratio. Today this number stands at 89%. One year ago today it was 93.3%. In 2022 it hovered near 96.6%. In other words, a home listed for $750k in today’s market is selling for $667,500. Or, an 11% reduction. Buyers – you got this?
Note: this one metric causes a lot of stir in the Delray Beach real estate market. Why? Our city is a real estate hot spot and folks here think it only goes up… not down.
3. Days on Market (DOM). One year ago it took 47.4 days to sell a property. Today it’s ripped higher to 87.6 days. Sellers need patience.
4. Median Selling Price. At the end of September the median sales price in the Delray Beach real estate market was $365k. That’s up 10.5% from a year ago, and up 11.75% this year over 2023.
The narrative for the Delray Beach real estate market is this: Prices continue to defy all odds and move higher, while all other metrics go the opposite way. There are less homes being sold… at a deeper discount… and are taking longer to sell.
To me this sounds like a mis-priced market. One where sellers are still trying to hold on to “yester-year” seeking to squeeze out every possible penny… but losing the battle.
Here’s one last piece of information sellers and buyers need to know: of the current, 1,636 active listings on the Delray Beach real estate market today, the average price drop is now 8.92%. And of the 3.046 properties sold in the last year, the average price drop was 9.03%.
The reality is that our Delray Beach real estate market is less strong today than it was 12 months ago. Sellers and realtors don’t want to hear that. But this is our current market. And if you want to play to win in today’s market, the first place to start is with current, accurate information… and come to terms with it.
(Photo above: Sunset the night Hurricane Milton left – last Wednesday)
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*** Delray Beach is waking up after a long, hot summer. Here are a few things to put in your entertainment bucket for October – Green Market and Witches Ride
*** Have you been thinking about solar panels for you home? Been on your mind for years? Start with my recent essay to ease you into some of the nuances
*** High season is weeks away. Our local temperature is dropping a tad. If you’ve been waiting for the right time to sell, a flood of humans are coming this way soon. And if your one of them preparing to look at some real estate, you’re coming at a terrific time in this market. Call me for a consultation – see below.
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*** South Florida’s Surging Supply Update ***
* This morning’s Inventory is 50,668 *
* Last week supply was 50,818 *
That’s a 150 unit drop in one week
These FOUR Delray Beach Real Estate Metrics Stand OutOctober Inventory is UP 679 units
