There are some changes afoot in sunny Florida’s market conditions. Alex and Margot Platt, leaders of The Platt Group at Compass, the top team in Boca Raton and Delray Beach, have noticed buyers are taking their time.
The real estate partners know this market best. Alex is a native of South Florida and specializes in residential properties in Boca Raton and Delray Beach. Together with his wife, a native of Boca Raton, they established The Platt Group as one of the top teams in Compass Florida, which has achieved $800 million in sales over the past three years, catering to all price points.
In fact, The Platt Group has been recognized as the #1 Large Team in Boca Raton and Delray Beach, a Top 5 Team for Compass Florida in 2024 and among the Top 20 Compass teams in the country.
They took some time out from their busy schedule, which includes two young children, to offer some insights into this specific area of the greater Palm Beach market.
BTH: In general terms, how has the market been in Boca Raton and Delray Beach so far this season?
Alex Platt: The market in Boca Raton and Delray Beach has been steady, with a slight increase in inventory due to longer days on the market. Updated single-family homes are selling well when priced correctly, while condos are taking longer to sell despite being priced right. Buyers are interested in homes with larger lots, privacy, and new construction. Condos that sell tend to be updated, in buildings with strong reserves, and offer good amenities and views. Homes in country clubs, especially those with 4-plus bedrooms, are selling quickly.
BTH: Why are buyers taking their time to make offers?
Alex Platt: Buyers are taking longer to make decisions due to a wider range of options, leading to homes staying on the market longer with occasional price adjustments. Rising interest rates, increased insurance costs, and stock market volatility have raised home ownership costs, giving buyers more leverage. The shift from a seller’s market to a balanced market offers more choices and time for informed decisions. Economic uncertainties and future market concerns also promote a cautious approach.
BTH: How are sellers reacting to current market conditions?
Margot Platt: Sellers are fortunate that prices have remained steady but expect quick, top-dollar sales. It’s crucial to price homes accurately from the start and communicate that buyers have more options. Some agents overprice homes to please sellers, leading to longer market times. Sellers may need to adjust pricing strategies and be open to negotiations. Initially resistant to lowering list prices, sellers often become more receptive to realistic pricing and terms as they receive market feedback. Pricing a home in this market has never been more important.
This article appeared in the February 2025 issue of Behind The Hedges magazine. Read the full digital edition here. For more on Palm Beach estate, click here.
