Home Sales in Delray Beach FL | May 2019 Market Report
May showed steady sales in Delray Beach, FL. Although we are a year-round market in south Florida, with more people moving here full time, winter months bring snowbirds and snowflakes into town for our beautiful weather. The number of listings increased in May, while prices dipped. What also increased was the days on market.
With more homes coming on the market daily, homeowners who want to sell will want to be a bit more flexible now. The market is becoming more balanced. Of course, this can and does vary by community, but with increasing mortgage rates and the increasing inventory, sellers should take notice.
As the top pet-friendly real estate agent in Boca Raton, Delray Beach and surrounding areas, I am getting the word out to buyers who have been waiting and looking. I recently had a buyer in a 55+ pet-friendly gated community who made offers on 4 houses where the sellers stood their ground. The buyer walked from each of the 4 houses and, ultimately, made a deal with the 5th seller. 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 lot of fresh inventory hit the market in the past month or so. Buyers have more choices now than they’ve had in years – again, it varies by community.
CONDO SALES IN DELRAY BEACH FL
As of May 31, 2019, there were 915 condos for sale in Delray Beach FL. This is more than it was the previous month. It may sound 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 cental Delray and then to west Delray Beach. The highest-priced listing currently available in May was $ 4,185,00 and the lowest was $ 30,000.
No, that isn’t a mistake. You read it right. It says $ 30,000. 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 $ 30,000, you must pay 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 6.245. While these two properties are at complete opposite ends of the spectrum, the average condo for sale in Delray Beach in May 2019 was listed at $ 317,931 and had 1293 square feet.
Note: Included in condos are townhouses and villas.
As of May 31, 2019, there were 701 single family homes for sale in Delray Beach. That’s up from the previous month. People don’t realize how big Delray Beach is going from east to west., from the beach to west Delray.
The highest-priced listing currently available in May 2019 was $ 18,975,000 and the lowest priced was $ 167,000. This was not in an equity country club, but it wasn’t far off. The lowest price in an equity country club was $ 189,000, which is very low considering it has 2538 square feet and a pool. Many people get confused with equity country clubs and gated communities in Delray Beach.
Square footage of the available homes in Delray Beach ranged from 775 to 18,206. That’s quite a range, but the average home for sale in Delray Beach in May 2019 was listed at $ 1,170,566 and had 3,315 square feet.
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 May 2019, there were 234 Pending Sales in Delray Beach.
Pending Delray Beach Single Family Homes
In May 2019, there were 246 Pending single family homes. Included in this are houses under contract, in backup status and pending waiting to close.
Closed Sales Delray Beach Condos
In May 2019, there were 234 closed sales of condos, villas and townhouses in Delray Beach, FL. The average sale price for these homes was $ 222,340. They took an average of 78 days to sell.
The days on market has started to increase. This is a reminder to sellers to price their properties correctly for the market we are currently in, which has changed from the market we were in just a few months ago. With increased inventory, buyers have more homes to see. Don’t overprice and let yours become an old, stale listing. The sales price to list price ratio last month was 96%.
The most expensive condo in Delray Beach last month sold for $ 2,080,000. The lowest priced sale was $ 90,500.
Closed Sales Delray Beach Single Family Homes
In May 2019, there were 123 closed sales of single family homes in Delray Beach, FL. The average sale price for these homes was $ 668,189. They took an average of 109 days to sell.
The days on market remained pretty much the same. This is a reminder to sellers to price their properties correctly for the market we are currently in, which has changed from the market we were in just a year ago. Buyers have more homes to see. Don’t overprice and let yours become an old listing. The sales price to list price ratio last month was 94%.
The most expensive house in Delray Beach last month sold for $ 3,342,000. The lowest priced sale was $ 115,000.
What can Delray Beach FL Residents Expect Regarding Real Estate In The Coming Months?
The market is stabilizing. We are seeing a shift to a buyer’s market in certain communities, especially in the 55+ resales. 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.
While this varies by community – some communities have more inventory, while others have very little, you need a great agent to explain these facts to get your home sold. Or, in the alternative, if you’re a buyer, you need a great buyer’s agent to do the research for you.
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 | May 2019
- Market Report for the Valencias in Boynton Beach FL | Nov 2018
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