2024 November Puerto Vallarta Real Estate Market Report for Homes

Executive Summary

If the Puerto Vallarta housing market were a Mexican film, we'd be watching an epic transformation scene. With inventory levels soaring and prices performing an intricate dance, the market has definitively shifted to favor buyers. Yet, like any great story, the plot contains numerous fascinating subplots worth exploring.

Month-over-Month Analysis (October vs November 2024)

The Latest Chapter in Our Market Saga

Active Listings decreased from 572 to 565 (-1.2%)
New Listings decreased from 77 to 70 (-9.1%)
Sold Listings decreased from 25 to 16 (-36%)
Median Sale Price increased from $285,000 to $336,250 (+18%)
Absorption Rate improved from 27.79 to 26.69 months (-4%)

The most notable shift? Days on Market increased from 195 to 256 days, suggesting buyers are taking their time to make decisions in this opportunity-rich market.

Year-over-Year Analysis (November 2024 vs 2023)

A Tale of Two Markets

Active Listings: 565 vs 405 (+39.5%)
Absorption Rate: 26.69 months vs 17.80 months (+49.9%)
Median Sale Price: $336,250 vs $332,000 (+1.3%)
Average Days on Market: 256 vs 301 (-14.9%)

We've transitioned from "¡Vendido Rápido!" to "Tomemos nuestro tiempo" as buyers exercise their newfound negotiating power.

Year-to-Date Performance 2024 vs 2023

The Bigger Picture

Total Sales: 227 vs 242 (-6.2%)
YTD Median Sale Price: $385,000 vs $429,108 (-10.3%)
Absorption Rate: 25.06 vs 12.37 months (+102.6%)
New Listings: 715 vs 564 (+26.8%)

Market Segment Analysis

Price Range Distribution (November 2024)

Something for Every Casa

Entry Level ($200k-399k): 7 sales (43.8%)
Mid-Market ($400k-699k): 4 sales (25%)
Upper-Mid ($700k-999k): 2 sales (12.5%)
Luxury ($1M+): 3 sales (18.7%)

Market Participant Guides

For Buyers: "¡Bienvenidos to Your Market!"

The stars have aligned in your favor. With nearly 27 months of inventory, you've got more options than a premium tequila shelf. Here's your strategy:

Leverage: Historic high inventory levels provide unprecedented choice
Timing: Properties averaging 256 days on market
Negotiations: Sellers accepting 91.1% of list price on average
Selection: 565 active listings across all price points

Pro Tip: Like selecting the perfect agave, take time to find your ideal property. The market timing is in your favor.

For Sellers: "Keeping it Real (Estate)"

Let's be candid - this isn't the seller's market of recent memory. But like a skilled chef adjusting their recipe, we must adapt to current conditions:

Pricing Strategy: Competition up 39.5% since last year
Market Reality: 256-day average time to sell
Competition: New listings up 26.8% YTD
Expectations: Prepare for offers around 91.1% of list price

Pro Tip: Competitive pricing isn't just important - it's essential. Your first showing is online, make it count.

For Investors: "The Long Game in Paradise"

Think of this market like a fine añejo tequila - patience brings rewards:

Market Cycle: Deep in buyer's market territory
Opportunity: Significant negotiating power with 26.69 months of inventory
Risk Assessment:
• Price moderation across most segments
• Luxury market showing interesting movement
• Extended marketing times require patience

Pro Tip: Focus on value-add opportunities in the mid-market segment where competition is less intense.

Market Trend Indicators

Reading the Market's Tea Leaves

Market Velocity

• Sales pace significantly moderated
• Absorption rate up 49.9% year-over-year
• Days on market showing mixed signals

Price Dynamics

• Median prices stabilizing
• Average prices showing volatility
• Price adjustments becoming more common

Supply and Demand

• Supply: Dramatic increase (+39.5% YOY)
• Demand: Moderating (-6.2% in sales YTD)
• New Listings: Steady growth (+26.8% YTD)

Final Thoughts

The Puerto Vallarta housing market has transformed from a fast-paced fiesta to a more measured merengue. Buyers can now take their time selecting their slice of paradise, while sellers need to embrace the new market reality with strategic pricing and patience.

Remember: Like crafting the perfect guacamole, finding success in today's market requires the right ingredients, proper timing, and occasionally, a bit of spice to stand out from the crowd.

PV Market Home Report - November 2024

Posted by John Forget on December 3rd, 2024