Delray Beach FL Real Estate Market Report | July 2020
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Delray Beach FL real estate market report for July 2020 shows low inventory and higher prices. What happened in the real estate market in Delray Beach this past month? Houses are getting snapped up fast. Multiple offers are commonly seen with bidding wars. Low inventory and low mortgage rates are fueling this market, along with higher taxes in the northeast.
The year 2020 has people experiencing different emotions. Many people are realizing just how short life is and making moves now. If not know, when will we do this seems to be a common theme among buyers and sellers.
Delray Beach is experiencing this now. Condos and single family homes are closing for close to asking price and often above asking price due to low inventory.
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, while all-age communities have very little.
WHAT HAPPENED IN THE DELRAY FLORIDA REAL ESTATE MARKET
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!
Inventory continues to remain low while prices have gone up. Buyers have fewer choices now than they had just a few months ago and properties are going fast; although, again, it varies by community.
CONDO SALES IN DELRAY BEACH FL
Active Delray Beach FL Condos For Sale
Delray Beach real estate market report shows as of July 31, 2020, there were 907 condos for sale. Delray Beach extends from the beach, to downtown area within the city of Delray to central Delray and then out to west Delray Beach. It’s big! The highest-priced listing currently available in December was $ 8,849,000 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 in Delray, you must pay the mandatory equity, along with yearly dues, monthly fees, condo or HOA fees and more to go along with it. It’s pretty pricey. Many people do not want to pay the additional fees associated with equity country clubs these days, unless they are die-hard golfers.
Delray Beach Florida Real Estate Market Report for December showed the square footage of the available condos ranged from 373 square feet to 5,989. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Delray Beach in July 2020 was listed at $ 361,389 and had 1295 square feet.
Note: Included in condos are townhouses and villas.
Active Delray Beach FL Single Family Homes For Sale
As of July 31, 2020, there were 470 single family homes for sale in Delray Beach. Inventory on single family homes in Delray Beach continues to get tighter, and mortgage rates are extremely low. If you see a house you like, go for it! There is a good chance it may not be there tomorrow.
People don’t realize how big Delray Beach is going from east to west., from the beach to west Delray. That’s not a lot of inventory.
The highest-price listing currently available in December was $ 39,950,00 and the lowest was $ 124,000.
I know you’re thinking $ 39,950,000! 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! If you’re interested, please call me!
Many people get confused when it comes to equity country clubs and gated communities in Delray Beach.
In gated communities in Delray Beach, you just pay a monthly homeowner’s fee as opposed to the equity clubs which carry a mandatory buy in, yearly dues, homeowner’s or condo fees, food and assessments. If you need ore information, call or text me 561-716-7824.
Square footage of the available homes on the market in Delray Beach FL in July ranged from 750 to 21,010 That’s quite a range, but the average home for sale in Delray Beach in July 2020 was listed at $ 1,540,853 and had 3,377 square feet. Listing prices continue to go up due to lack of inventory and mortgage rates.
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 2020, there were 323 Pending Sales in Delray Beach.
Pending Delray Beach Single Family Homes
In July 2020, there were 201 Pending single family homes in Delray. Included in this are houses under contract, in backup status, and pending waiting to close.
Closed Sales Delray Beach Condos
In July 2020, there were 212 closed sales of condos, villas and townhouses in Delray Beach, FL. The average sale price for these homes was $ 219,816. They took an average of 89 days to sell.
The Delray Beach real estate market has changed from the market we were in just a couple months ago. With decreased inventory, buyers have fewer condos to see. There is more inventory in the pet-friendly active adult communities than all-age communities, but it is still very low.
The most expensive condo in Delray Beach last month sold for $ 2,190,000. The lowest priced sale was $ 55,000.
Closed Sales Delray Beach Single Family Homes
In July 2020, there were 141 closed sales of single family homes in Delray Beach, FL. The average sale price for these homes was $ 807,697. They took an average of 96 days to sell.
Remember – if you’re listing your house, you want it to sell. This is not a wait and let’s-see-what-happens market. Houses are going fast these days. In fact, if you’re a buyer and see a house or condo you like, grab it. It may be gone tonight or it may have multiple offers with bidding wars. Offering and paying above asking price is not unusual.
The Delray Beach Real Estate Market has changed from just a few months ago. Low inventory coupled with low interest rates and people leaving in droves daily from the northeast are fueling this market. Sellers are getting higher prices because of decreased inventory and low mortgage rates.. This real estate market has changed from the from just six months ago.
Houses are closing for closer to asking price. The most expensive house in Delray Beach last month sold for $ 5150,000. The lowest priced sale was $ 173,618.
What can Delray Beach Residents Expect Regarding Real Estate In The Coming Months?
Delray Beach real estate market continues to show less inventory, low mortgage rates and higher prices than we have seen in some time. It’s a crazy market with fewer homes for sale. Inventory is tight.
While this varies by community – some communities have more inventory while others have very little – you need a great buyer’s 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. Yes, even with new construction! Especially with new construction! Click on the link to learn why.
Trust me, the nice salespeople in the sales office are not on your side; they’re not your friend. They work for the builder. Enough said. Period.
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 MARKET REPORTS
- Boca Raton FL Real Estate Market Report | July 2020
- Highland Beach FL Real Estate Market Report | July 2020
- Boynton Beach FL Real Estate Market Report | Dec 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