By Mike S Payton, Contributing Reporter
DELRAY BEACH, FLORIDA – After the coronavirus slow-down, Delray Beach is seeing increased activity in home sales. New properties have been hitting the market in the last few weeks, giving buyers more options to choose from at a time when the market is typically less active.
Also in the last thirty days, there have been 320 properties that are pending, contingent, or in backup status in the MLS in Delray Beach. The thirty days prior, there were 114 properties that were pending, contingent, or in backup status in the MLS in Delray Beach that have not sold yet.
Kelly Nuccitelli of Lokation Real Estate shared, “Anecdotally from my experience over the last couple months, there have been substantial increases in demand for homes in Delray Beach and throughout Palm Beach County.”
Adding, “just [Sunday], I showed seven properties in the Delray Beach area to clients looking to move closer to their children who moved to South Florida recently from New York.”
Looking ahead, Nuccitelli says, “I anticipate in the coming months realtors will remain busy, with even more inventory hitting the market as people reflect on their time at home during quarantine, and want to make a change to their living situation.”
In terms of transactions in Delray Beach, the last thirty days saw 184 sales in the MLS, with the average price being $412,000 (median $224k). Sixteen of them were over $1,000,000, and there was $76 million in total sales May 17th to June 16th.
Jeremy Olsher of Compass Delray Beach real estate firm explained “Some of these properties have sold, […] the amount of activity in the last thirty days has been extremely active. Buyers are putting properties under contract fast and often.”
In terms of the sales process, Olsher said “typically in real estate, properties go under contract 45 days prior to closing or so, so the fact that the last thirty days have had so many closings in Delray Beach means that during COVID-19, buyers were actually extremely active and possibly panic buying sight unseen (virtually).”
Data provided by Compass showed there are 1452 properties on the market in Delray Beach today for sale. 652 of them are in 55+ communities. 163 of them are in Country Club-Equity Buy in communities. That leaves 637 properties for sale in the entire city, for all ages, non mandatory membership, which is low.
However Olsher also said, “There are 320 properties that are under contract. That means eighteen percent of the properties are under contract (320 out of 1172). That’s very high.”
He shares that at the moment there is a lack of good inventory on the market, and buyers are buying properties in Delray Beach for the properties that are in demand. Pool homes, low monthly maintenance (HOA or Condo fees), newer builds, homes that are ready to move in to are in huge demand.
Olsher confirmed, “the stats are showing that the real estate market is very active for being off-season (hurricane season).” Adding, “Delray Beach has become a hot destination for second homes and relocations, as people from all over the USA, especially the North East of the country have recognized the laid back, but yet upscale feel of Delray Beach.”