Home Sales in Delray Beach FL | July 2019 Market Report
Continued sales showed in the real estate market report in July 2019 in Delray Beach, FL. Delray Beach has become a year-round market in south Florida, with more and more people moving here full time. It’s not just winter months for real estate sales any longer. The number of listings decreased in July, while prices for condos, increased and home sales decreased slightly. A lot of this has to do with decreasing mortgage rates.
With the lowest interest rates we have seen in some time, homeowners in Delray Beach FL, we saw a mixed bag in July. Homeowners who want to sell will want to price their homes correctly. The market is becoming more balanced, but inventory is declining. Of course, this can and does vary by community, but with decreasing mortgage rates, both buyers and sellers should take notice.
As a pet-friendly real estate agent in Boca Raton, Delray Beach and surrounding areas, I am getting the word out to buyers and sellers who have been waiting and watching. Some communities, especially resales in 55+ active adult communities, have more inventory than others. Both buyers and sellers need to realize this and price their homes accordingly.
So, what happened in the Delray Beach real estate market this past month? Let’s check out the details and see if this market is the right one for you to buy or sell!
We’ve had a decrease of fresh inventory hit the market in the past month or so. Buyers have less choices now than they had two months ago; although, again, it varies by community.
CONDO SALES IN DELRAY BEACH FL
As of July 31, 2019, there were 795 condos for sale in Delray Beach FL. This is significantly less than it was the previous month. I know it sounds like a lot, but many people don’t realize how big Delray Beach really is. It extends from the beach, downtown within the city of Delray to central Delray and then to west Delray Beach. The highest-priced listing currently available in June was $ 4,185,00 and the lowest was $ 39,000.
No, that isn’t a mistake. You read it right. It says $ 39,000. It’s in a country club with mandatory equity fees, yearly dues, condo fees and, usually, assessments. So while you can buy the condo for $ 39,000, you must pay the mandatory equity, along with yearly dues and monthly fees to go along with it. I can tell you, it’s pricey. Many people do not want to pay the additional fees associated with the country clubs these days, unless they are die-hard golfers.
Square footage of the available condos in Delray ranged from 500 square feet to 5,859. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Delray Beach in July 2019 was listed at $ 325,008 and had 1297 square feet.
Note: Included in condos are townhouses and villas.
As of July 31, 2019, there were 582 single family homes for sale in Delray Beach. That’s 48 less homes than last month. Inventory on single family homes in Delray Beacch has gotten tighter, as mortgage rates have been dropping. People don’t realize how big Delray Beach is going from east to west., from the beach to west Delray. That’s a lot of homes!
I know you’re thinking $ 44,500,000! So was I. Yes, it is a to-be-built multi-level contemporary house on the ocean in Delray Beach. Estimated to be completed in 2021 with 6 bedrooms, 9 baths and 7 half baths, that ought to be some house!
Many people get confused when it comes to equity country clubs and gated communities in Delray Beach.
Square footage of the available homes on the market in Delray Beach FL in July ranged from 629 to 30,726 That’s quite a range, but the average home for sale in Delray Beach in July 2019 was listed at $ 1,351,805 and had 3,447 square feet. Listing price shows a slight increase over last month.
Pending Delray Beach Condos
Pending Sales include condos, villas and townhouses that are also contingent, backup status (both mean they are under contract but have contingencies waiting to be met) and pending (waiting to close.) In July 2019, there were 146 Pending Sales in Delray Beach, down from last month.
Pending Delray Beach Single Family Homes
In July 2019, there were 51 Pending single family homes, up from last month. Included in this are houses under contract, in backup status, and pending waiting to close.
Closed Sales Delray Beach Condos
In July 2019, there were 378 closed sales of condos, villas and townhouses in Delray Beach, FL. This shows a marked increase this month. The average sale price for these homes was $ 261,559, up from last month. They took an average of 98 days to sell.
The days on market has gone down this month. This is a reminder to sellers to price their properties correctly for the real estate market in Delray Beach we are currently in. This real estate market has changed from the market we were in just a couple months ago. With decreased inventory, buyers have fewer homes to see, but they don’t want to overpay. They’re more educated.
Don’t overprice your home and let it become an old, stale listing. The sales price to list price ratio last month was 95%. The most expensive condo in Delray Beach last month sold for $ 1,230,000. The lowest priced sale was $ 39,000.
Closed Sales Delray Beach Single Family Homes
In July 2019, there were 202 closed sales of single family homes in Delray Beach, FL. That’s pretty close to what it was last month. The average sale price for these homes was $ 537,991,up from last month. They took an average of 115 days to sell.
Days on market remained pretty consistent. This is a reminder to sellers to price their properties correctly for the real estate market in Delray Beach we are currently in, which has changed from the market we were in just a year ago. Although there may be less homes to see, buyers are picky. They’re educated, especially when they have a good buyer’s agent, and they read.
Don’t overprice your home and let yours become an old, stale listing. The sales price to list price ratio last month was 94%. The most expensive house in Delray Beach last month sold for $ 2,890,000. The lowest priced sale was $ 66,000.
What can Delray Beach FL Residents Expect Regarding Real Estate In The Coming Months?
We have less inventory in the real estate market in Delray Beach and the lowest mortgage rates we have seen in some time. We were seeing a shift to a buyer’s market just a few months ago, especially in the 55+ resales. Inventory has now become tighter. Sellers need to be aware of this and price their properties for today’s market, not the market of a year ago or even six months ago. Buyers are more educated now.
While this varies by community – some communities have more inventory while others have very little – you need a great buyer’s real estate agent to explain these facts to get your home sold, Or, if you are buying new construction or just buying a home – if you’re a buyer, – you need a great buyer’s agent to do the research and guide you.
Trust me, the nice salespeople in the sales office are not on your side. They work for the builder.
A Delray Beach Real Estate Agent You Can Trust
Consumers wanting to know more about homes for sale or any property in Delray Beach, Florida, whether new construction or resales, should call me. I can be reached at 561-716-7824, Cell or Text or by email at Elyse@ElyseBerman.com
A seasoned REALTOR® with a vast knowledge of the local market, Elyse has been in the Boca/Delray/Boynton area for 25 years. She is a retired Court Stenographer and volunteers her time on the Grievance Committee for the Realtors® of Palm Beach + Greater Fort Lauderdale Realtors®.
This Delray Beach real estate market report was provided by Elyse Berman, PA. Elyse is a licensed residential real estate agent in Boca Raton FL. She works at Lokation Real Estate, Inc.
You can find Elyse on numerous social media networks or via her BuySellHomesBocaRaton Real Estate Blog. She is an active online marketer who loves helping residential real estate consumers, and their furry friends, in Palm Beach and northern Broward County. Note: She loves helping people find homes they love WITHOUT pets too!
More Palm Beach County Real Estate Market Reports
- Boca Raton Real Estate Market Report | July 2019
- Highland Beach FL Real Estate Market Report | June 2018
- Boynton Beach FL Real Estate Market Report | June 2019
Disclaimer: The information contained in this blog should not be solely relied upon and should be independently verified by professional sources. The opinions expressed herein are solely mine.
All information is deemed accurate but not guaranteed. All statistical information was obtained from BMLS. Many articles may be time and date sensitive. Please be sure to look at the date it was posted.
No reproduction is permitted without the author’s express permission. All information deemed accurate. All information was taken from Beaches MLS.
Map of Delray Beach