June 2024 | Real Estate Market Report - Condos
By Katya HommÂ
As we reach the midpoint of the year, it’s crucial for both buyers and sellers to understand the evolving dynamics of our market. The following graphics, gathered from the Flex MLS Database, have been carefully interpreted to provide you some valuable insights into current opportunities and trends in the marketplace for condos in Puerto Vallarta.
Firstly, the market has been very stable since the pandemic despite the increasing interest rates and the fallback of the market in the US. If we compare May of last year to this year, we see a drastic increase in new and active listings, with the number of new listings having doubled. Currently, there are 1,978 active listings, compared to around 950 at the same time last year. While sold and pending listings have remained relatively constant, this number has declined, dropping from 236 sold listings last May to 141 this May.
On another note, let’s look at the average days on the market chart. As we see, it fluctuates between 100 and 200 days, which is influenced by our high and low seasons and other external factors like the strong peso and the upcoming elections.
Turning to prices, we see a slight fluctuation between May 2023 and May 2024, with average prices varying between $380,000 USD and $460,000 USD. However, despite the increased inventory and decrease in sales, prices have increased in the past two months.
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In conclusion, our inventory has doubled, yet despite the changes in the north and various political and sociological factors, our market remains very hot. Prices haven’t dropped so far, making this market exciting for both sellers and buyers.
Source: Flex MLS