You might expect that rising inventory and longer days on market would prompt buyers to act quickly, but in Boca Raton and Delray Beach, many are holding back. Buyers convinced a market crash is imminent are waiting on the sidelines.
“A lot of my clients swear the market is going to tank,” says Melissa Galada, a realtor in Delray Beach, who has worked in the area since 1999. “But I don’t see that happening around here. I think it’s going to level out, and you can get some really good deals if you’re smart.”
Inventory in the Boca-Delray area has increased 23% year-over-year, and the average days on market have risen from 62 to 84. While these numbers suggest a cooling market, the actual pace of sales is more complex.
Homes are still selling, though not at the breakneck speed of 2021. Galada observed a luxury listing sit for over a year before going under contract on New Year’s Eve. Throughout the holidays, she tracked steady sales in Boca, Delray, and Lighthouse Point. “Things are still moving,” she says. “The consensus is that everything’s gone quiet, but there are definitely things still selling.”
The key difference is that sellers who set realistic prices receive offers, and buyers who are willing to negotiate secure properties. Those waiting for a major downturn have yet to see it materialize.
Several factors are contributing to buyer caution, even when good deals are available. First, memories of the 2021–2022 market remain strong. During the frenzy, buyers often overpaid and waived contingencies to compete. Now, some of those same buyers are selling and expecting the same level of demand. “They want the same thing they went through as a buyer,” Galada explains. “But it’s a different time.” This disconnect is causing stalemates, with sellers holding out for prices that today’s market won’t support.
Second, investors are pausing because the financials no longer add up as easily. Higher HOA fees, increased insurance costs, and rising property taxes mean that buying often costs more than renting. For example, a $250,000 condo can require a $3,000 monthly outlay after fees and financing, while similar rentals go for $2,000. “A lot of people are renting because it costs so much more to buy,” Galada notes.
Third, insurance and assessment issues, especially for condominiums, are causing concern. Buildings that required milestone inspections — mandatory structural safety reviews introduced after the 2021 Surfside collapse — have introduced surprise assessments, discouraging buyers. However, many buildings have completed or are nearly finished with the required work.
The market’s tempo has shifted. In 2021, homes often went under contract within days, sometimes before being publicly listed. Now, buyers have more time to consider options, tour several homes, and negotiate.
Galada cited a listing that sat for a year at $1.8 million. When the price dropped to $1.3 million, it sold quickly. “As soon as we got down to a realistic number, it sold,” she says. The lesson is clear: overpriced homes linger, but those priced appropriately still find buyers.
For buyers aged 55 and older relocating to Florida, activity remains strong. “They have the cash, and they’re moving here,” Galada explains. “They’ll put in full-price offers because they don’t want to wait.” By contrast, investors and second-home buyers are taking a more cautious approach.
For Buyers: Stop waiting for a crash that may not happen. Make offers on properties that have been on the market for a while, even if the asking price seems high. “You never know unless you try,” Galada says. The could be rejected, but if a seller’s situation has changed, you could secure a property at a price below the list price. Ask your agent for recent comparable sales and investigate why a property is lingering. If it’s overpriced or needs work, factor in renovation costs and negotiate accordingly.
For Sellers: Price competitively from the start. “Sellers need to be realistic,” Galada says. Overpricing by $100,000 or more could mean your home sits for months while buyers choose better-priced options. If your property needs updates, address them before listing or adjust your price to reflect the condition. Most buyers today are not interested in renovation projects unless offered a significant discount.
Focus on condos where milestone work is complete or nearly finished. Sellers in these buildings are often motivated, and there’s room to negotiate. Review all costs — HOA fees and insurance in particular — but don’t assume every listing is overpriced. “There are definitely things still selling,” Galada says.
The Boca-Delray market is unlikely to look like 2021 again anytime soon — but it’s also unlikely to crash. What’s more probable is a gradual recalibration: sellers adjusting expectations, condo buildings finishing their required work, and buyers gaining confidence as the picture becomes clearer. For those willing to engage with the market as it is rather than wait for the market they remember, the conditions are already there. “You have to get out there and make offers,” Galada says. “Business is business.”
About the Expert: Melissa Galada is a realtor with Lang Realty, based out of Delray Beach, who has lived and worked in the Boca Raton and Delray Beach area since 1999. She specializes in luxury homes, 55-plus communities, and waterfront condos.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
Explore similar articles from Our Team of Experts.
Facing mounting regulatory requirements and rising interest rates, New York City building boards are developing innovative funding strategies beyond traditional assessments and loans, accord...
