Out with the old trend in with a new trend.
Here’s what’s happening in the Delray Beach real estate market right now. Today, there’s a few ideas popping up showing a new trend may be emerging in our local real estate market. Number one; supply is crashing in South Florida. Number two, expired listings are becoming a thing, and three, new reports showing that we might be leaving a buyer’s market and heading toward what a new seller’s market.
First, I want to show you what’s happening with the falling supply for Delray Beach real estate. Look at the greater Delray Beach 12 months of falling Supply.
You can see it soared until April. But since April, the number of active listings is now down 352 units. Or, 16%. Now, take a look at out west at the 33444 zip code that’s down 93 units or 25%. Central Delray Beach real estate, zip code 33444, is down 59 units, or almost 24%. And last the luxury market, 33483 is down 67 units or 21%.
For the last three years, inventory throughout South Florida soared – it was up 275%. At the end of last high season, April, supply made a shift to the downside.
The second thing I’m going to talk about are expired listings. Why? Because they’ve ramped up in 2025. You may be thinking, “who cares about expired listings?” Well, the industry cares about them. Agents care about them… and so do sellers. Why? Because these were listings that were meant to go on the market to find a buyer to sell, and for a period of time they didn’t. Was it a bad strategy? Was the pricing wrong?
To put context to this, in the last 12 months, there was about 2200 sold properties throughout the Delray Beach real estate market. At the same time, there were 1,540 properties that expired – they didn’t sell. About 70% of the sold properties expired. But combine the expired and sold listings, that means 41% of the aggregate properties expired.
They didn’t sell. So, what’s the point of all this expired information? I’ve been looking at expired for the last 12 months. I have never seen such a rise in expired listings. Not just for Delray Beach real estate, but all through South Florida. That means three things. One, sellers mis-priced their property to the high side. Two, their agent may not have had the right marketing strategy. And number three, most likely, the seller didn’t like the low volume of people looking at the property, or, they were getting offers that were not acceptable.
So, expired listings rose. That means there’s a 1,540 expired listings in the Delray Beach real estate market that could become potential listings in the future.
The third data point is Months of Supply. I’m finding data showing we’re moving away from a buyer’s market and toward a seller’s market. To put some context to this, months of supply over the last 18 months in most South Florida communities was hovering between 10 and 18 months. Anything over six is a buyer’s market.
So, it was a strong buyer’s market.
Here’s the data. For greater Delray Beach real estate it crashed to 3.61 months. August was down 20% from July. Next up is 33445. It’s down to a scary 2.7 months. That’s down 21% from July. Central Delray Beach real estate, 33444 is down to 3.36 months of supply and off 20%. And then the luxury market 33483 is down to 3.93 months and off 18%.
That is crazy in such a short period of time. So, the narrative from this data is it’s showing that we’re in a seller’s market, meaning months of supply is below six.
The crazy thing is I’ve been writing and creating videos about our buyer’s market the last year and a half because months of supply was in the double digits. Things change fast in real estate. I’ll be writing more about this as we get away from the low season and close in on high season over the next 60 days.
Every month I give one bonus idea of what’s happening with my local perspective. The one thing for this month is New York politics. Yeah, I had to bring it up. Why? Because there’s been several prominent Florida real estate agent brokers talking on CNBC and Bloomberg about how demand of New York buyers has risen over the last couple months. Why? Because of the political scene going on in New York.
Billionaires are moving to South Florida. We have Palm Beach exploding with billion dollar projects. I’ve had retired people who want to relocate for retirement as well as luxury people calling me. I’ve spoken with six people in the last 30 days from New York, buyers, telling me they need to get out.
Delray Beach real estate is on the radar for many of these New Yorkers. So if you plan to sell your Delray home this high season, start preparing your home. Or call me so we can discuss strategy and get it sold fast.
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Checking in on the Delray Beach real estate market and what the latest news means for you. With fluctuations in mortgage rates and changes in housing prices, understanding the market trend analysis is key. Stay informed with essential housing market insights.
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Ready to start the conversation about moving to or buying Delray Beach real estate? Call/Text me at 561-777-4089. If you’re thinking of moving or relocating to Delray Beach or South Florida, I can help you. Grab my FREE Delray Beach real estate (and surrounding areas) Relocation Guide.
