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Puerto Vallarta’s condo market, once a hotbed of activity during the COVID-19 pandemic, is experiencing a correction as prices stabilize after a significant rise, according to local real estate expert Ryan Donner, owner of Donner & Associates.
“Condo prices in Puerto Vallarta have actually been on a steady rise since 2016,” Donner explains. “The average price right now is around $420,000 USD, compared to $264,000 in 2016.”
While prices haven’t dropped overall, Donner highlights a shift in the market.
“The peak, in terms of sales volume, was in 2022, with nearly $865 million USD worth of properties sold,” he says. “The average sales price hasn’t decreased, but with fewer sales happening, the market is adjusting, and prices may need to moderate to find a sustainable balance.”
Donner adds that buyers may find opportunities.
“There’s still room to negotiate,” he says. “The average difference between a condo’s asking price and the final sales price is currently around 5% less.”
Crystal Ball Predictions: Should Sellers Wait?
Donner acknowledges the uncertainty in the market’s future trajectory.
“While we can’t predict the future definitively,” he says, “the urgency to buy that fueled the COVID boom has subsided, and with more properties on the market, sellers may need to be more flexible on pricing to attract buyers.”
Factors Affecting the Market
Donner attributes the market correction to several factors.
“The post-pandemic cool-down and an increasing number of available condos are key influences,” he explains. “For the market to remain productive, some price adjustments might be necessary to incentivize sales.”
Looking for More Information?
Donner encourages those interested in Puerto Vallarta’s real estate market to consult his website, https://ryandonner.com/market-statistics/, for more detailed statistics and insights.
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Esta publicación también está disponible en: English Español
