Customers ask me all the time: “John, how’s the Delray Beach real estate market?” And my answer is the same — which market?
The answer is different for Delray Beach real estate today depending on whether you’re looking at a condo or a single-family home. Same city, same zip codes, different realities. Let me break it down for you.
Delray Beach real estate single family homes – Sellers World
If you’re shopping for a home, you are competing.
Inventory sits at just 3.59 months of supply — anything under 6 months is considered a seller’s market. Not only that, but inventory dropped another 18.59% from the prior month, meaning supply is tightening, not loosening. Sellers are feeling that.
Homes are going under contract in a median of just 28 days. That’s fast. That’s “have your pre-approval ready and don’t sleep on it” fast. And sellers are getting 95.5% of their asking price. This ticked up another 0.83% month over month. Prices fell to a median of $899,900, but a 1.1% month-over-month move on that price point is noise, not a trend.
The takeaway for buyers: if a house checks your boxes, you move. The takeaway for sellers: your leverage is real.
Delray Beach real estate homes are selling.
Condos & Townhomes: A Different Conversation
Now flip the script.
The condo market for Delray Beach real estate slipped into balanced — and is knocking on buyer’s market territory. Inventory is sitting at 6.2 months of supply, just above the 6-month threshold that separates sellers from buyers. And here’s the thing — that number fell 8.9% from last month, so it’s not getting worse for sellers, but it’s not a hot market either.
The real tell is days on market. Condos are sitting for a median of 88 days before going under contract — almost triple the length as single-family homes. That’s a meaningful gap. It tells you condo buyers are browsing, comparing, and negotiating. They have options… and time.
So, Delray Beach real estate is not “one size fits all.” In fact it’s more important today than every before to be hyper-focused in the data in order to give you meaningful optics.
So What Does It All Mean?
It means context is everything.
When someone tells you “the Delray Beach real estate market is cooling,” they might be right about condos and completely wrong about houses — or vice versa. These two segments are operating on different clocks right now.
If you’re a buyer, the condo market gives you breathing room and negotiating power. The single-family market asks you to move fast and come strong.
If you’re a seller, your strategy needs to match your product type.
(Main Photo: My latest single-family home listing in the downtown Delray area – walking distance to Sundy Village and more)
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*** Know anyone who may need to sell, or seeking help to buy Delray Beach real estate? Your referral means the world to me
*** My new condo listing in the CityWalk community in Pineapple Grove. Brand new HVAC system, fresh and new interior paint, and a new dishwasher. HOA building upgrades, too. Oh, and right above Whits Frozen Custard – how bad can that be?
*** If you missed my update on the Florida Tax Elimination idea happening this year, get caught up in here.
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*** South Florida Inventory is BELOW 2019 ***
Last week’s supply was 51,788
Today’s supply is 51,794
*** Supply is DOWN 47 of the last 60 weeks ***
