Delray Beach FL Real Estate Market Report | Dec 2019
Delray Beach FL real estate market report for December 2019 shows continued but steady sales. What happened in the real estate market in Delray this past month? Low inventory was the order of the day. Delray Beach is now a year-round market in south Florida, with more and more people moving here every day because of taxes in the northeast. We have truly become a year-round market.
Numbers across the board have been steady. Condos and single family homes are closing for close-to -asking price. Condos, villas and townhouses came in at 96% while single family homes came in at a whopping 98% of asking.
Low interest rates and low inventory were the name of the game in Delray Beach in December. Homeowners who want to sell their homes will want to price them homesy. The Delray Beach real estate market is becoming more balanced, but inventory has been 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.
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
Delray Beach real estate market report shows as of December 31, 2019, there were 985 condos for sale. Delray Beach extends from the beach, to the 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 $ 8,834,050 and the lowest was $ 19,900.
No, that isn’t a mistake. You read it right. It says $ 19,90000. 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 $ 19,900 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 390 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 December 2019 was listed at $ 356,431 and had 1328 square feet.
Note: Included in condos are townhouses and villas.
As of December 31, 2019, there were 641 single family homes for sale in Delray Beach. Inventory on single family homes in Delray Beach continues to get tighter, and mortgage rates are pretty low. If you see a house you like, grab it! With this low inventory, chances are 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. Even with tight inventory, that’s a lot of homes!
The highest-price listing currently available in December was $ 44,500,00 and the lowest was $ 169,900.
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! If you’re interested, please call me! I can be reached at 561-716-7824.
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 616 to 21,010 That’s quite a range, but the average home for sale in Delray Beach in December 2019 was listed at $ 1,379,131 and had 3,369 square feet. Listing prices continue to go up due to lack of inventory.
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 December 2019, there were 305 Pending Sales in Delray Beach.
Pending Delray Beach Single Family Homes
In December 2019, there were 178 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 December 2019, there were 237 closed sales of condos, villas and townhouses in Delray Beach, FL. The average sale price for these homes was $ 255,654. They took an average of 67 days to sell.
This shows that homes priced correctly sell, while overpriced homes tend to languish on the market. This is a reminder to sellers to price their properties correctly for the real estate market in Delray Beach we are currently in. 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 homes to see, but they don’t want to overpay. They’re pickier and they’re more educated today.
The sales price to list price ratio last month was 98%. The most expensive condo in Delray Beach last month sold for $ 4,500,000. The lowest priced sale was $ 52,000.
Closed Sales Delray Beach Single Family Homes
In December 2019, there were 112 closed sales of single family homes in Delray Beach, FL. The average sale price for these homes was $ 663,726, up from last month. They took an average of 98 days to sell.
Remember – if you’re listing your house, you want it to sell. This is not a 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.
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
because of high taxes are fueling this market. Sellers – price your properties correctly for the real estate market we are in now in Delray Beach. This real estate market has changed from the from just six months ago. Although there may be less homes to see, buyers are picky. They’re educated, especially when they have a good buyer’s agent to guide them, and they’re well read.
The sales price to list price ratio last month was 96%. Houses are closing for closer to asking price. The most expensive house in Delray Beach last month sold for $4,425,000. The lowest priced sale was $ 175,000.
What can Delray Beach Residents Expect Regarding Real Estate In The Coming Months?
Delray Beach real estate market report continues to show we have less inventory and the lowest mortgage rates we have seen in some time. It’s a buyer’s market but with fewer homes for sale. 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 out there, but they’re much more educated now, especially when working with a buyer’s agent.
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 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!
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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