The Palm Beach County real estate market is undergoing significant changes. Closed sales are up 20–25% year-over-year across the region, but properties are staying on the market longer as buyers gain more negotiating power. This marks a clear departure from the fast-paced, competitive environment that defined Florida’s housing market during the COVID-19 pandemic.

Jennifer Vigoa, a realtor with Southern Select Realty who specializes in Boca Raton, Delray Beach, and Wellington, offers a firsthand account of these evolving dynamics. With a background in interior design, hospitality, and vacation rental management, Vigoa brings an informed perspective to both traditional residential sales and the changing short-term rental landscape.

From Design to Real Estate

Vigoa’s journey to real estate was unconventional. Coming from backgrounds in competitive dance, sports, and interior design, she initially had reservations about a career in sales. “I never in a million years thought I would be in real estate.” she says.

Her perspective changed during her own home purchase in 2018, when she found the process engaging and was encouraged by her agent to consider the field. Support from her husband ultimately convinced her to make the switch. “He said, ‘I think you’d be great at it.’”

Vigoa’s design expertise now benefits her clients. “If we walk into a house and someone says, ‘I hate the cabinets,’ I can help them see the potential. I try to paint a picture for people who can’t get past the visual stage of what’s in front of them.”

A Boutique Brokerage with Legal Resources

Working at Southern Select Realty, a 20-agent boutique brokerage, gives Vigoa access to resources not always found in larger firms. The company’s founder brings law enforcement, military, and legal backgrounds to the business, providing agents with direct access to legal expertise in complex transactions.

“One of the biggest advantages is being able to go to him as a resource and say, ‘This is what we want to do in a transaction. What language can we use? How do we keep everyone legally sound?’” Vigoa explains. This support helps agents handle contract language and addendums with greater confidence.

Vacation Rental Management: More Than Passive Income

Vigoa’s involvement in vacation rental management began when a client purchased a property in 2022 with the intention of running it as an Airbnb. Her hospitality background made her a natural fit to manage the property, and the experience revealed the demands investors often underestimate.

“Everybody wants to be a landlord and own an Airbnb until they don’t,” she says. “They don’t realize how much is involved. It’s a full-time business. You’re essentially running a hotel and dealing with all kinds of personalities.”

The property, located in central Boca Raton, has performed well over three years because of its strategic location. “We’re equidistant from the beach and close to places people like to walk to—shopping, country clubs. We get guests from different countries and states, especially for tennis clinics during the summer.”

Current Market Dynamics: More Inventory, Strong Demand

Despite headlines about a cooling market, Vigoa reports strong fundamentals throughout Palm Beach County. “Closed sales are up 20 to 25% from last year,” she says.

However, the pace of the market has slowed since the pandemic. Buyers are now more informed and deliberate. “Buyers aren’t as oblivious as they used to be. Many are really educating themselves, which I love. Knowledge is power.”

Increased inventory has shifted leverage to buyers. “If your house has been sitting for six months and I make an offer you think is too low, I’ll just go find something else. There’s plenty of inventory, and that’s the big difference. Buyers have the upper hand right now.”

Boca Raton remains a premium market within the county. “Boca has always maintained its value. It’s consistently the highest in closed sales. The median sale price is only about 8% lower than last year, which is a small change.”

Redefining Luxury and Affordability

The threshold for luxury in Palm Beach County has risen sharply. “Luxury now starts at $2.5 million and up,” Vigoa says. This is a significant jump from pre-pandemic standards, driven by rapid price increases during the COVID era.

“During COVID, prices accelerated quickly because of low interest rates. You can’t have both low rates and low prices at the same time.”

This new price structure has made affordability a major concern, especially for first-time buyers. “In Florida, affordability is a real issue. Property taxes, insurance—all these factors play a huge role in whether people can buy.”

Political and Economic Influences

Recent political changes have sparked speculation about their impact on the market, but Vigoa expects measured responses rather than immediate relocations. “With the new mayor, there’s a lot of buzz about where people will go, but I’m seeing mixed reactions.”

She predicts that most buyers will take a thoughtful approach. “Some will come down for the season, maybe reevaluate whether to become primary residents and take advantage of the homestead exemption to lower property taxes.”

The seasonal rental market has also shifted. Canadian visitors, in particular, have been affected by unfavorable exchange rates. “Canadians have taken a big hit. What used to be a $5,000–$6,000 monthly rental is now only affordable at $3,000–$4,000 for them.”

Seasonal Patterns and International Buyers

Wellington’s Winter Equestrian Festival, held from January through March, remains a major economic driver, drawing Olympic athletes and competitors from around the world. “We see people from Argentina, Egypt, England, Ireland—all these countries with riders competing here,” Vigoa says.

This influx supports both sales and rentals, with some buyers purchasing farms through LLCs for seasonal horse operations before moving north in the off-season.

Looking Ahead: A Balanced Market

As Palm Beach County’s market continues to adjust, Vigoa sees opportunities for informed buyers and realistic sellers. Increased inventory, knowledgeable buyers, and steady demand are creating a more balanced environment than in recent years.

For real estate professionals, Vigoa’s experience highlights the value of specialized knowledge and comprehensive service. Design expertise, legal resources, and hands-on management capabilities can set agents apart in a market where buyers have more choices and time to decide.

Palm Beach County’s resilience, along with Florida’s ongoing appeal as a primary residence and vacation destination, points to continued strength even as the market settles into a slower, more deliberate pace. The days of frantic bidding wars may have passed, but steady sales and a higher bar for luxury suggest that the market is far from stagnant—just more selective and sophisticated than before.