Posted by John Forget on Tuesday, April 1st, 2025 9:03pm.
The Romantic Zone condo market showed signs of stabilization mixed with increased inventory in March 2025. While the number of active listings (184) saw a significant 37.3% increase compared to March 2024, sales activity remained modest with 11 units sold, just slightly up from 10 the previous year. The Average Sale Price saw a small year-over-year gain (+3.04%), reaching $619,818, but the Median Sale Price experienced a notable drop (-10.91%) to $490,000, suggesting a shift in the types of properties selling compared to last March.
Year-to-date figures paint a slightly different picture, with total sales up 30% compared to 2024 YTD, and both Average (+10.92%) and Median (+13.89%) Sale Prices showing stronger gains. However, properties are taking slightly longer to sell (Average DOM is 142 days YTD, up 2.9% from 138 days YTD 2024). The market remains active, particularly with pending sales (+90% YoY for March), but the increased inventory and slower sales pace (lower Absorption Rate) indicate a shift towards a more balanced environment compared to the previous year.
March 2025 continued the trend of growing inventory in the Romantic Zone condo market. With 184 Active Listings, the supply is considerably higher than the 134 seen in March 2024. This increase provides buyers with more options but also suggests a potential cooling from the peak seller's market conditions of previous years. New listings also saw a robust increase (+43.5% YoY), with 33 new condos entering the market in March.
Sales volume for March was modest at 11 units, a slight increase from 10 units last year. However, Pended Listings surged to 19, a 90% increase YoY, indicating strong buyer activity that hasn't fully translated into closed sales for the month yet. This suggests potential for higher closed sales numbers in the coming months.
Pricing dynamics show a mixed signal. The Average Sale Price increased slightly YoY for March, but the Median Sale Price decreased significantly. This divergence often indicates fewer sales occurring at the very top end of the market during the specific month compared to the previous year, while the broader market holds value. Year-to-date, however, both average and median prices are up substantially, reflecting overall appreciation.
The Absorption Rate dropped to 19.03 months of inventory (down -15.98% YoY), indicating a slower sales pace relative to the available inventory compared to last year. Similarly, the Average DOM, while slightly lower for March itself (140.9 days, -4.76% YoY), is slightly higher year-to-date (142 days), confirming that properties are taking a bit longer to go under contract on average in 2025 so far.
Year-to-Date (2025 YTD vs 2024 YTD):
March 2025 presented contrasting pricing signals for Romantic Zone condos. The Average Sale Price edged up slightly to $619,818, a 3.04% increase from March 2024. However, the Median Sale Price saw a significant decrease of 10.91% year-over-year, landing at $490,000 compared to $550,000 last March. This divergence suggests that while the overall dollar value of sales was slightly higher, the mix of properties sold likely skewed towards lower price points compared to March 2024, which saw three sales in the $850k-$899k range versus zero this March.
Looking at the year-to-date data provides a clearer picture of overall appreciation. For the first quarter of 2025, the Average Sale Price is up a healthy 10.92% compared to the same period in 2024, and the Median Sale Price shows an even stronger gain of 13.89%. This indicates that despite the monthly fluctuation observed in March, the underlying trend for condo values in the Romantic Zone remains positive for the year so far.
Sellers received an average of 97.0% of their final asking price in March (Sale to List Price Ratio), which is strong but slightly down from peaks seen in late 2024, suggesting buyers may have slightly more room for negotiation amidst the increased inventory.
Activity in March spanned a wide range of price points, reflecting the diverse offerings within the Romantic Zone.
The data indicates robust activity in the $400k-$500k range for active, pending, and new listings. While sales were spread out, the strong pending numbers, especially in mid-to-upper ranges, suggest the market dynamics remain complex, with demand present across different price tiers despite increased overall inventory.
The following charts illustrate key trends in the Romantic Zone condo market over the past 12 months (April 2024 - March 2025).
This chart shows the monthly fluctuation in Active Listings versus Sold Listings. Note the general upward trend in Active Listings throughout late 2024, peaking near year-end, and remaining elevated in early 2025. Sold listings show more variability month-to-month.
This chart tracks the Average Sold Price per month. Observe the volatility, with notable peaks and valleys, but the overall trend suggests relative price stability with recent YTD gains noted earlier.
This chart illustrates the Average Days on Market (DOM). While there are monthly fluctuations, the trend line indicates that properties took longer to sell, particularly in the latter half of 2024, stabilizing somewhat in early 2025 but remaining above levels seen in early 2024.
This chart compares the number of sold listings by price range between March 2025 and March 2024. It highlights the shift in sales distribution, notably fewer sales in the $850k+ range in March 2025 compared to March 2024, and increased activity in the $400k-$449k and $550k-$599k brackets this year.
Based on the March 2025 data for Romantic Zone condos:
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Disclaimer: This report is based on data from the local MLS for the specified period and property type. Market conditions can change rapidly. This information is intended for educational purposes and should not be considered financial or investment advice. Always consult with a Mexico Life Realty professional before making Mexico real estate decisions.