Real Estate Market Report - JUNE 2023

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Executive Summary - CONDOS

The current real estate market for Condos has experienced significant shifts over the past year, culminating in an intriguing landscape for potential investors, buyers, and sellers alike. The current status quo reveals an uptick in list and sale prices compared to the same period last year, with a decrease in days on the market.

Key Market Indicators

  • Absorption Rate: It has seen a rise of 44.71% from June 2022 to June 2023, reaching 10.81. This year-to-date figure is slightly lower than the previous year, hinting at a minor slowdown in sales pace.

  • Average List Price: The average list price for Condos has increased by 13.99% from June 2022 to June 2023, arriving at $524,410.74.

  • Average Sale Price: There has been a substantial increase of 41.44% YoY, highlighting a strong seller's market.

  • Days on Market: The Average Days on Market (DOM) has slightly increased YoY, but the Year-To-Date Average DOM has decreased by 14.33%, showing properties are moving quicker in 2023 compared to 2022.

  • Sold Listings: There has been a significant decline of 67% YoY, and 49.3% Year-To-Date, signaling reduced sales activity.

Market Segmentation

Upon breaking down sales by price range, a decline is observed across most segments. The most notable reductions are seen in the $100,000-$149,999 and $150,000-$199,999 categories, which decreased by 93.5% and 71.4% YoY, respectively. Interestingly, the high-end segment ($1,000,000-1,499,999) has experienced an uptick of 17.6%.

Market Trends

The data suggests a shift towards a seller's market, evidenced by an increase in average list and sale prices. This trend implies that sellers are achieving closer to their asking price. Moreover, with properties spending fewer days on the market, buyers may face increased competition.

The decrease in sales activity could be due to a lower inventory or perhaps higher prices deterring some buyers. The surge in the high-end market suggests a demand shift towards luxury properties.


  • For Investors: The current market condition offers an opportunity for high returns, especially in the high-end market. However, the increase in absorption rate signifies a potential future increase in inventory, which could soften prices. Thus, any investment should consider this factor.

  • For Sellers: The market is favorable, with an increase in list and sale prices. It's advisable to list properties now to capitalize on the present trends.

  • For Buyers: Despite higher prices, properties are moving faster, indicating strong demand. Buyers should be prepared for potential competition and may need to act quickly when the right opportunity arises.

This analysis provides a broad overview of market conditions. However, real estate decisions should always consider local market conditions and individual financial situations. For a deeper, personalized analysis, please consider consulting with a Mexico Life Realty agent.

June 2023 Condos PDF     

Real Estate Market Analysis Report - HOMES

Market Overview

This report presents an analysis of the real estate market for single-family homes. Our current dataset covers a period from July 2022 to June 2023.

In summary, we observed the following key points in the 2023 data:

  1. Absorption Rate: The absorption rate for June 2023 stands at 10.85, a 28.55% increase from the same period in 2022, and a 15.49% decrease YTD compared to 2022. The rise in the absorption rate suggests an acceleration in the sales of listed properties, indicating a seller's market.

  2. List Price: The average and median list prices in June 2023 have increased by 12.93% and 52.38% respectively compared to June 2022, indicating an appreciation in property values. This increase may be due to the high demand, low supply, or other market factors such as location or property characteristics.

  3. Sale Price: Interestingly, while the list prices have increased, the average sale price decreased by 7% from June 2022 to June 2023, with the median sale price seeing an increase of 16.05% over the same period. This discrepancy between list price and sale price may suggest a discrepancy between sellers' expectations and what buyers are willing to pay.

  4. Days on Market (DOM): The average and median DOM in June 2023 were down by 36.66% and 20% respectively from June 2022. The reduction in DOM implies that homes are selling faster, further indicating a strong market favoring sellers.

Detailed Analysis

When evaluating sold listings by price range, we see a decrease in most of the segments from June 2022 to June 2023, with the total decrease being 41.7%. This could be due to reduced inventory or increased competition among buyers.

Pending listings (properties under contract but not yet closed) have also decreased across nearly all price ranges, with a total decrease of 54.3% from June 2022 to June 2023. This drop may reflect a slowdown in new contract activity, potentially due to the limited availability of properties for sale.

In the active listings category (properties currently for sale), the number of listings have decreased in most price categories as well, reinforcing the picture of a tight market.


Given the increase in the average and median list prices, combined with the decrease in DOM, it's evident that it's a sellers' market. Sellers should capitalize on this opportunity to get favorable terms and prices for their properties.

For buyers, it's a competitive market with rising prices and reduced inventory. They may need to act swiftly and be prepared for potential bidding wars. If possible, they could benefit from flexibility in terms and fast decision-making.

For investors, the price increases and quick sales suggest a healthy market that might offer substantial returns. However, caution is advised due to the apparent discrepancy between list and sale prices.

Finally, we should continue monitoring market trends, as the observed changes could also be a signal of a market peak or a possible shift in the future.

Please note that this analysis and recommendations should be used as a guide, and other factors unique to each transaction should also be considered.

June 2023 Houses PDF

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