Puerto Vallarta Condo Market Report - November 2024

Executive Summary

If the Puerto Vallarta condo market were a telenovela, we'd be witnessing quite the dramatic season. With inventory levels reaching new heights and prices performing their own version of a Mexican standoff, the market has decidedly shifted in favor of buyers. However, like any good drama, there are plenty of plot twists to consider.

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

The Latest Episode in Our Market Saga

The market showed notable changes from October:

Active Listings increased from 2,057 to 2,236 units (+8.7%)

New Listings jumped from 231 to 285 (+23.4%)

Sold Listings decreased from 70 to 46 (-34.3%)

Median Sale Price increased from $381,000 to $387,600 (+1.7%)

Absorption Rate climbed from 28.05 to 29.98 months (+6.9%)

The most dramatic shift? Days on Market actually decreased from 383 to 284 days. It seems some properties finally found their happily ever after.

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

A Tale of Two Novembers

Active Listings: 2,236 vs 1,629 (+37.3%)
Absorption Rate: 29.98 months vs 18.03 months (+66.3%)
Median Sale Price: $387,600 vs $350,000 (+10.7%)
Average Days on Market: 284 vs 250 (+13.6%)

In other words, we've gone from "¡Ay, caramba!" to "¡Espera un momento!" as buyers take their time making decisions.

Year-to-Date Performance 2024 vs 2023

The Bigger Picture

Total Sales: 803 vs 985 (-18.5%)
YTD Median Sale Price: $382,352 vs $332,368 (+15.0%)
Absorption Rate: 24.61 vs 13.43 months (+83.2%)
New Listings: 2,278 vs 1,802 (+26.4%)

Market Segment Analysis

Price Range Distribution (November 2024)

Something for Every Peso

Entry Level ($200k-299k): 8 sales (17.4%)
Mid-Market ($300k-499k): 15 sales (32.6%)
Upper-Mid ($500k-799k): 11 sales (23.9%)
Luxury ($800k+): 12 sales (26.1%)

Market Participant Guides

For Buyers: "¡Bienvenidos to Your Market!"

The stars have aligned in your favor. With nearly 30 months of inventory, you've got more options than a beachfront taco stand. Here's your strategy:

Leverage: You're holding all the cards with absorption rates at record highs
Timing: Take your time - properties are sitting for 284 days on average
Negotiations: Sellers are accepting 94.2% of list price on average
Selection: 2,236 active listings means you can be pickier than a produce shopper

Pro Tip: This is the kind of market where patience pays off. Like a fine tequila, take time to sample what's available.

For Sellers: "Keeping it Real (Estate)"

Let's be honest - this isn't the market of 2023. But like any good mariachi band, we need to adjust our tune to the audience:

Pricing Strategy: Your competition has increased by 37.3% since last year
Market Reality: Properties are taking 284 days to sell (on average)
Competition: New listings are up 26.4% YTD
Expectations: Be prepared for offers around 94.2% of list price

Pro Tip: Price it right from the start. The first showing is now online, and the second showing might not come for months.

For Investors: "The Long Game in Paradise"

Think of this market like a long-term investment in blue agave - it takes time to mature:

Market Cycle: Deep in buyer's market territory
Opportunity: Significant negotiating power with 29.98 months of inventory
Risk Assessment:
• Price appreciation continues but is moderating
• Higher-end market showing resilience
• Extended marketing times need to be factored into holding costs

Pro Tip: Look for motivated sellers in the luxury segment, where inventory has grown but sales remain steady.

Market Trend Indicators

Reading the Market's Tea Leaves

Market Velocity

• Sales pace has slowed significantly
• Absorption rate nearly doubled year-over-year
• Days on market up 13.6% from last year

Price Dynamics

• Median prices still rising but at a more sustainable pace
• Luxury market showing surprising resilience
• Price growth moderating across most segments

Supply and Demand

• Supply: Increasing rapidly (+37.3% YOY)
• Demand: Decreased (-18.5% in sales YTD)
• New Listings: Continuing to grow (+26.1% in November)

Final Thoughts

The Puerto Vallarta condo market has transformed from a fast-paced salsa to a slower bachata. Buyers have the luxury of time and choice, sellers need patience and realistic expectations, and investors can find opportunities if they're willing to play the long game.

Remember: Like the perfect margarita, finding the right property takes the right ingredients, proper timing, and sometimes a little salt to make it all work.

Infographic of November 2024 Puerto Vallarta Condo Report

Posted by John Forget on December 3rd, 2024

November 2024 Condo Market Report