Home Sales in Delray Beach FL | June 2019 Market Report
June showed steady sales in the real estate market in Delray Beach, FL. We are a year-round market in south Florida, with more people moving here full time. It’s not just winter months for real estate sales – they happen all year. The number of listings decreased in June, while prices dipped. A lot of this has to do with decreasing mortgage rates.
With more homes coming on the market daily, homeowners who want to sell will want to price their homes correctly. The market is becoming more balanced. Of course, this can and does vary by community, but with decreasing mortgage rates and the decreasing inventory, both buyers and 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 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 June 30, 2019, there were 851 condos for sale in Delray Beach FL. This is less 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 June was $ 4,185,00 and the lowest was $ 25,000.
No, that isn’t a mistake. You read it right. It says $ 25,000. 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 $ 25,000, 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 726 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 June 2019 was listed at $ 320,954 and had 1284 square feet.
Note: Included in condos are townhouses and villas.
As of June 30, 2019, there were 630 single family homes for sale in Delray Beach. That’s down from last month by 71 homes. The inventory 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.
The highest-priced listing currently available in June 2019 was $ 18,975,000 and the lowest priced was $ 150,000. This was not in an equity country club, but it wasn’t far off. The lowest price in an equity country club was $ 209,000, slightly up from last month but still very low considering it has 2896 square feet. 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 864 to 18,206. That’s quite a range, but the average home for sale in Delray Beach in June 2019 was listed at $ 1,191,700 and had 3,336 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 June 2019, there were 298 Pending Sales in Delray Beach, up from last month.
Pending Delray Beach Single Family Homes
In June 2019, there were 210 Pending single family homes, down from last month. Included in this are houses under contract, in backup status and pending waiting to close.
Closed Sales Delray Beach Condos
In June 2019, there were 233 closed sales of condos, villas and townhouses in Delray Beach, FL. This remained steady. The average sale price for these homes was $ 194,138, down from last month. They took an average of 78 days to sell.
The days on market has remained steady. 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 couple months ago. With decreased inventory, buyers have less homes to see but don’t want to overpay. 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 $ 1,500,000. The lowest priced sale was $ 30,000.
Closed Sales Delray Beach Single Family Homes
In June 2019, there were 125 closed sales of single family homes in Delray Beach, FL. This remained pretty steady from last month. The average sale price for these homes was $ 572,093, down from last month. They took an average of 119 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 and they’re more educated. Don’t overprice and let yours become an old listing. The sales price to list price ratio last month was 95%.
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 real estate market is stabilizing. We were seeing a shift to a buyer’s market just a few months ago, especially in the 55+ resales. Now, inventory has 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 real estate 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 Best Connections Realty, 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 | June 2019
- 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