Buyers Benefit from Softening of the Market

Buyers Benefit from Softening of the Market

**Puerto Vallarta and Area Real Estate 2024 Market Report – 1st & 2nd Quarters**

In reviewing the statistical information comparing the first two quarters of 2023 to 2024, we observe a shift and softening in the market from the previous year. With a 31% increase in active condo listings in 2024, buyers found they had more options. While condo prices continued to rise, increasing by 20% over 2023 prices, overall sales volume across the bay was down 9% for condo sales. The most popular areas remain Bucerias, Nuevo Vallarta, and the Centro and Versalles neighborhoods of Puerto Vallarta, where the booming presale condo market continues to attract buyers. Additionally, we see a marked increase in condo sales in places such as Mezcales and Ixtapa, where new presale projects are entering the market at lower price points. In the popular Emiliano Zapata (Zona Romantica) neighbourhood we are seeing developers take pricing constraints into consideration and start to build smaller, more affordable condos.

The sale of houses has been impacted for many years by low inventory and a low turnover rate. In 2024, we observed a significant increase in new homes being constructed, particularly in the colonias of Fluvial and the towns of Nuevo and Mezcales, which alleviated some of the pressure on buyers. No significant change in pricing or sales volume but we see an increase of 36% in new listings which will increase pressure on sellers to sharpen their pencils.

We are now seeing price decreases in the 10-15% range for properties that were listed in 2023 and remain on the market today. More current listings have typically been priced with today’s market conditions in mind. If you’re planning to purchase a condo or a house in the Puerto Vallarta area, now is an excellent time to start your search. There are some significant discounts for buyers who can move quickly on some of the properties now available.

Our team has decades of experience in buying and selling real estate in Puerto Vallarta. Benefit from our unique expertise and market insights by contacting us today for a detailed report on your specific property search.

PACIFIC ESTATES INTERNATIONAL
101 Morelos #3, Centro Puerto Vallarta
Phone: 322 223 0565 Email: pacest@gmail.com

CONDOS

Click to view a selection of current condos for sale in the Puerto Vallarta area

**Most Popular Areas – 2023, 2024**
– Bucerias: 403 (2023), 415 (2024)
– Nuevo Vallarta: 220 (2023), 327 (2024)
– Centro North and South: 416 (2023), 734 (2024)
– Francisco Villa West: 236 (2023), 276 (2024)
– Hotel Zone, Southshore, and Marina: All selling 150+ units

**Total Active Listings**

– 1st & 2nd Q 2023: 2,266
– 1st & 2nd Q 2024: 2,970
– **An INCREASE of 31%**

**Total Under Contract or Sold**
– 1st & 2nd Q 2023: 1,286
– 1st & 2nd Q 2024: 1,025
– **A DECREASE of 20%**

**Average Sale Price ($USD)**
– 1st & 2nd Q 2023: $409,290
– 1st & 2nd Q 2024: $494,383
– **An INCREASE of 20%**

**Sales Volume ($USD)**
– 1st & 2nd Q 2023: $250,076,450
– 1st & 2nd Q 2024: $226,427,498
– **A DIFFERENCE of 9%**

HOUSES

Click to view a selection of houses for sale in the Puerto Vallarta area

**Most Popular Areas – 2023, 2024**
– Southshore: 55 (2023), 77 (2024)
– Nuevo Vallarta: 84 (2023), 126 (2024)
– Centro: 61 (2023), 82 (2024)
– Francisco Villa: 58 (2023), 82 (2024)
– Significant increase also noted in Mezcales

**Total Active Listings**
– 1st & 2nd Q 2023: 646
– 1st & 2nd Q 2024: 882
– **An INCREASE of 36%**

**Total Under Contract or Sold**
– 1st & 2nd Q 2023: 268
– 1st & 2nd Q 2024: 288
– **An INCREASE of 7%**

**Average Sale Price ($USD)**
– 1st & 2nd Q 2023: $580,859
– 1st & 2nd Q 2024: $576,303
– **No significant change year over year**

**Sales Volume ($USD)**
– 1st & 2nd Q 2023: $74,350,000
– 1st & 2nd Q 2024: $72,614,228
– **A DIFFERENCE of 2%**

Contact us today to explore the best real estate opportunities in Puerto Vallarta and its surrounding areas.