Valencia Real Estate Market Report for May 2024 shows what happened in each Valencia in Delray Beach, Boynton Beach and Lake Worth, Florida for that month.
We had a busy winter in south Florida. It was was quiet at first, and then things took off. Several factors were involved, I believe, which caused buyers to stop in their tracks and then reconsider.
We have more inventory than we've seen in a long time. There has been a lot of talk about insurance and homes needing new roofs. This is still true and has been happening in Florida the past few years.
If a home has a new roof or is in the process of getting a new roof - it takes time to get permits and order roof tiles - the home will usually sell faster. Of course, you still have to think about location and what the rest of the house looks like, but a roof is a big-ticket item. So many buyers would rather have it done than not done.
More inventory means more choices for buyers, more sales with contingencies and fewer, if any, multiple offers. Days on market has increased. But what I'm starting to see are price drops. And this plays well for buyers.
Read on to find out what went on in each Valencia community in south Palm Beach County. Sales vary by community depending on the model, condition of the home, as well as inventory in the community. Many homes are still selling for close to asking or even above asking price.
WHAT ARE THE VALENCIAS
Located in south Palm Beach County, FL, the Valencias are upscale, pet-friendly 55+ gated communities full of amenities. Think camp for adults. Each community has a state-of-the-art fitness center, grand clubhouse with pools, social halls, card rooms, cafes for breakfast and lunch, social events, billiards, tennis, pickle ball, clubs, cards, mah jong, arts and crafts, and an active lifestyle geared towards today's baby boomers.
You can be as busy as you want or not. If you're the type who goes in and out of your garage and never sees the inside of a clubhouse, that's fine, too.
Valencia Real Estate Market Report for May 2024
This market report for the Valencias includes the 55+ gated communities in Delray Beach, Boynton Beach and Lake Worth which include: Valencia Lakes, Valencia Isles, Valencia Shores, Valencia Falls, Valencia Palms, Valencia Pointe, Valencia Reserve, Valencia Cove, Valencia Bay, Valencia Sound and Valencia Grand.
There are currently 11 Valencia communities in just our area of south Florida.
Harvard Business Review says Having a Dog Can Save Your Heart - Literally - and I agree! So it's wonderful the Valencias are 55+ pet friendly gated communities in Delray Beach, Boynton Beach and Lake Worth, Florida.
Caution: If you think you may have a breed-restricted dog or a several pets (more than two), check the particular Valencia you're interested in first. Do your due diligence. Don't rely on what someone told you or what the listings say. Listings are often wrong. Find out from the source. Because while the Valencias are pet-friendly, they may not be pet friendly to all breeds and number of pets you may have.
Same thing goes for fences. If you plan to fence your yard without a pool, find out if the community allows it. Not all Valencias allow fences.
WHICH VALENCIA SHOULD YOU GO TO
The past year has been a complex one in real estate. There has been very low inventory and prices have gone up. Although the market has softened, prices are still high. Inventory varies from one Valencia to another. The older Valencias have more homes for sale than the new ones and prices are more reasonable. Makes sense - it's the cycle of life. But, depending on your age, you have to think - can you wait? Maybe you can. And maybe you can't, or maybe you don't want to. You may be like some who think - If not now, when? That's a decision only you can make.
Prices vary from one community to another.. Lower-priced homes can be found in the older Valencias (well, not that old!) and they go way up in the newer homes. You can still get a good deal if you're not looking for new and willing to do some work, in my opinion. If you're willing to take a resale versus new, you will do much better on price, taxes and location, too. Some of the houses in the older Valencias are barely 10-15 years old.
SHOULD YOU GO DIRECT TO THE BUILDER
No. Why not, you ask? Prices have gone up considerably the past several years, especially in new construction. You're looking at close to a million dollars as a starting point to build a new home in Palm Beach County. But there are a lot of great resale homes in other Valencia communities. Remember, we have 11 Valencia communities!
You need a great Valencia Real Estate agent to help you find the best deals - someone who is on your side, not the builder's side, and not someone who is working for the seller to get them the highest price possible. You need a buyer's agent.
Don't make the mistake of going directly to the builder or listing agent alone. Always take a buyer's agent with you. Why? Because builders' sales people don't care which community you buy in or what lot you buy. They're not going to tell you about traffic or noise or the lot, but an honest buyer's agent will. Ask me about it! Ask me about the stories!
Ask me the story about the memorial gardens. Buying a house is not as easy as it seems.
How I called for a buyer to ask about the remaining lots. When I questioned the salesperson (mind you, I already knew the answer - I've been here 30 years - but I wanted to hear what they would tell me) about the location of these remaining lots, I asked what was beyond the wall that the lot was next to.
The answer I got was, " There are hedges and landscaping and then a wall." And then, I asked?
And the response was, "And then a canal and the memorial gardens."
Oh, I responded, you mean the cemetery? "Yes," they responded, "the cemetery."
Now, some people may not mind having a cemetery there and that's fine. After all, your neighbors are quiet. But don't you think you have a right to know? I had to drag it out of them. I knew it was there, because I'd been there and passed it many times.
SHOULD YOU GO DIRECT TO THE LISTING AGENT
Again, no.
Listing agents have a contract and a fiduciary responsibility with the seller to get them the highest price possible. How does that benefit you as a buyer? Simple. It doesn't. Yes, they may be help you, and they're more than willing to. Why? Because they can make more money without working for you, the buyer.
Sure, they'll write up the contract, but they're not working for you. They're working for the seller. Remember that. Make sense now?
If you think about it: How can they get you, the buyer, the best deal? The answer is simple: They can't. Caveat Emptor! Buyer Beware!
WHAT HAPPENED IN THE VALENCIA IN PALM BEACH COUNTY IN MARCH 2024
There are currently 126 homes for sale in the Valencias and 20 homes under contract. Let's see how it breaks down by community.
Valencia Real Estate Market Update for May breaks down like this:
VALENCIA LAKES MARKET REPORT
Valencia Lakes had 7 homes that closed in May. The average sold price of the homes was $ 483,929. Homes sold for an average of .93% of asking price. Average days on market was 51.
There are 25 homes currently listed for sale in the community ranging in price from $ 399,000 to $ 779,000 with an average of 78 days on market.
No homes are under contract at this time.
VALENCIA ISLES MARKET REPORT
Valencia Isles had no homes that closed in May.
There are 20 homes currently for sale in Valencia Isles ranging in price from $ 484,000 to $ 935,000 with an average days on market of 77.
There are 5 homes under contract.
VALENCIA SHORES MARKET REPORT
Valencia Shoreshad 2 homes that closed in May. Average sold price of the homes was $ 704,500. Houses sold for an average of .98% of asking price. Average days on market was 18.
There are currently 22 homes for sale in Valencia Shores ranging in price from $ 450,000 to $ 779,000.
There are 3 homes under contract.
VALENCIA FALLS MARKET REPORT
Valencia Falls had 5 homes that closed in May. Average sold price of the homes was $ 649,980. Houses in Valencia Falls sold for an average of .99% of asking price. Average days on market was 52.
There are currently 5 homes for sale in Valencia Falls. They range in price from $ 560,000 to $ 839,000. Average days on market are 83.
There are no homes under contract.
VALENCIA PALMS MARKET REPORT
Valencia Palms had 4 homes that closed in May. The average sold price for the homes was $ 583,750. The homes sold for and average of 98% of the asking price. Average days on market 56.
There are currently 10 homes for sale in Valencia Palms ranging in price from $ 585,000 to $ 950,000. Average days on market are 106.
There are 2 homes under contract in the Palms.
VALENCIA POINTE MARKET REPORT
Valencia Pointe had 2 homes that closed in May. Average sold price of the homes was $ 470,000. Homes sold for an average of .96% of their asking price. Average days on market was 63.
There are currently 10 homes for sale in Valencia Pointe. They range in price from $ 499,000 to $ 985,000. Average days on market are 121.
There are 2 homes presently under contract.
VALENCIA RESERVE MARKET REPORT
Valencia Reserve had 2 homes that closed in May. The average sold price of the homes was $ 807,000. Homes sold for an average of .98% of asking price. Average days on market was 22.
There are currently 11 homes for sale in Valencia Reserve ranging in price from $ 525,000 to $ 1,199,900. Average days on market are 44.
There are no homes under contract at this time.
VALENCIA COVE MARKET REPORT
Valencia Cove had 9 homes that closed in May. The average sold price of the homes was $ 1,216,111. Homes sold for an average of .95% of asking price. Average days on market was 104.
There are currently 10 homes for sale in Valencia Cove. They range in price from $ 709,999 to $ 1,675,000. Average days on market 87.
There is 1 home under contract in the community at this time.
VALENCIA BAY MARKET REPORT
Valencia Bay had 2 homes that closed in May. The average sold price of the homes was $ 1,067,750. Homes sold for an average of 94% of asking price. Average days on market was 78. There are currently 6 homes for sale in Valencia Bay ranging in price $ 998,000 to $ 1,699,000. Average days on market are 158. There is 1 home currently under contract.
VALENCIA SOUND MARKET REPORT
Valencia Sound had 1 home that closed in May. Closed price of the home was $ 875,000. The home closed for .97% of asking price. Days on market was 38. Currently, there are 8 homes for sale in Valencia Sound. They range in price from $ 799,900 to $ 1,845,000. Average days on market are 48. There are 4 homes under contract.
VALENCIA GRAND MARKET REPORT
Valencia Grand had 1 home that closed in May. Closed price of the home was $ 1,874,900. The home closed for the asking price. Days on market was 140 There is no homes listed for sale at this time. There are 2 homes presently under contract.
NEW CONSTRUCTION
The market has picked up again in new construction. With higher interest rates, some builders are offering incentives on their rates. And in this area of south Florida, there are very few new construction homes, 55+ or otherwise, simply because we are almost out of land. Builders are back. Some people prefer new construction.
SHOULD YOU GO DIRECTLY TO THE BUILDER?
Should you go directly to the builder? NO! Taking a buyer's agent with you costs you nothing and they have experience in things you may not be aware of. A real buyer's agent - not someone who claims to be. I can help you with new construction as well as resales in any of the Valencia communities.
You need someone on YOUR side. The builder is not on your side. The nice sales people in the office are not on your side - they are there to sell houses. Neither is the listing agent on the sign on your side. Take a few moments and read that article.
So why not take someone with you who can help you, the buyer?
Things to Think About
After reading this edition of the Market Report for the Valencias, there are some things to consider if you're planning to build a house. I've built two homes, but times are different today. We weren't dealing with supply chain issues, as we are today. In my opinion, while building a house is nice, it's also nice to know when it will be done and what the final cost will be.
With a resale - even if it is just a few years old, it's something tangible. You can see it, feel it and touch it. You know what you're getting. Make sense? Some people only want new, and that's fine. Just know upfront what you're getting involved in.
Quick delivery is an option with builders. That means the house is either ready to be sold now or it will be soon. Permits are in, the house is in some soon-to-be-completed stage and the builder wants it sold. This is a good option as you know what you're getting.
And for my pet lovers, if you have a certain breed of dog, check which Valencia will accept your furry friend Same thing goes for number of pets you may have and fences. Buyer Beware! Not every Valencia may be dog friendly to your specific breed of dog or two or three. Some have changed their pet restrictions through the years. And not all Valencias allow fences.
Have a question? Go on! Ask Me!
Please feel free to reach out to me at (561) 716-7824 so we can talk about your personal housing needs and any questions you may have about the housing market.
We can also discuss how local market conditions can affect your buying and selling needs and plans. Then we'll create a strategy to buy and/or sell your Valencia home.
For more information about 55+ pet-friendly housing in Boca Raton, Delray Beach, Highland Beach, Boynton Beach or Boca Raton real estate market, please contact me.
I can be reached at (561) 716-7824, by text or email at Elyse@ElyseBerman.com.
Related Dog and Pet friendly articles:
- 9 Best Pet Friendly 55+ Communities in Delray, Boynton Beach FL
- Pet friendly condos in Boca Raton and Highland Beach
- Pet friendly gated communities in Boca Raton
- Pet friendly 55+ Active Adult Communities in Delray Beach
- Must See 55+ Villas in Boynton Beach, Florida
Real estate market data for the Market Report for the Valencias in Delray Beach, Boynton Beach and Lake Worth, FL provided by Elyse Berman of LoKation Real Estate All information was obtained from the Multiple Listing Service and sold by various MLS participants. The information is not guaranteed or warranted.
Map of the Valencias in Boynton Beach, Delray Beach & Lake Worth
Valencia Real Estate Market Report: May 2024
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