Property Availability in Delray Beach Influencing a Sellers’ Market

Do you own a residential investment property in Delray Beach? Have you recently considered selling? Current Delray Beach Real Estate trends indicate now is a good time to sell.

Based on 2018 Q1 data provided by Florida Realtors®, real estate listings in Delray Beach are selling at a 20.7% higher average price than last year. This price increase is directly related to demand, as closed sales rose 18.5% year over year. In Q2, closed sales rose to 20.4%, while the average sale price slightly decreased year over year by 5.5%.

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Another factor contributing to the desirable sellers’ market in Delray Beach is the amount of inventory available. Pending sales in the market continue to rise at 10.1% in Q2 2018, while pending inventory is decreasing in volume. With less inventory available, real estate transactions are closing at an average of 93.6% (+1.0% Y/Y) of the original listing price. The inventory squeeze is also influencing buyers to close sales faster. The median time to contract for Delray Beach properties in Q2 2018 was 50 days (-10.7% Y/Y).

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With these trends in the Delray Beach real estate market, now is a favorable time to cash in on your investment property. If you don’t know what your real estate property is worth on today’s market, Berkshire Hathaway HomeServices Florida Realty has a Free Florida Home Value Tool available to provide an estimate, with no obligation to act after.

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When you are ready to sell your Delray Beach property, contact Berkshire Hathaway HomeServices Florida Realty to help you complete your sale. Our dedicated team of Delray Beach realtors are experts in the local market and ready to assist you with listing, selling and closing your next real estate transaction.

 

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