The past year saw the continued strength and resiliency of the Bay of Banderas real estate with a total of 547 condo sales recorded in 2024. The area saw more new condominium developments completed in the under $500K price range, a key driver in sales volume. This, combined with the strengthening US dollar to Mexican peso exchange rate made Mexico an attractive option for investors.
Puerto Vallarta, Jalisco
Diving deeper into the data, the Puerto Vallarta area condominium sales had an average list price of $484,378 USD with and average sales price of $463,966 USD. This indicates that, on average, condominium sales sold for 4% under ask price. Taking into account pre-construction vs existing condos, the average sale price of existing was $505,962 USD vs $372,406 USD for pre-construction. These number show the financial benefits buyers can realize if they are willing to wait for delivery. The average days on the market for condos was 218 days.
Looking at individual home sales, the average home sold 7% under ask with an average sale price of $547,512 USD and average of 200 days on the market.
In Puerto Vallarta, more than 30% of all condo sales were pre-construction.
Riviera Nayarit, Nayarit
2024 saw much growth in the Riviera Nayarit with average sales prices across all categories surpassing that of Puerto Vallarta. The average condo was listed at $559,901 USD and sold for $528,824 USD representing condos selling for 6% under ask and remaining on the market for 314 days. There was less of a disparity between existing and pre-construction prices in the Riviera Nayarit – existing condos sold for $570,729 USD vs $500,205 USD for pre-construction.
Individual home sales in the Riviera Nayarit also sold for 7% under ask with a sales price of $578,237 USD, slightly more than in the Puerto Vallarta market with an average of 252 days on the market.
Reviewing the various neighborhoods in the greater Bay of Banderas the most expensive neighborhood/development in 2024 was Sierra Del Mar in the South Bay Area, followed by Gran Venetian and Lower Conchas Chinas. Conversely, the most affordable neighborhoods consisted of Mojoneras, Independencia, and Villas Universidad among other, less tourist-driven locales.
2025 Outlook
The outlook for the year ahead looks bright largely due to continued construction to meet demand across all price points. Items to keep an eye on will be the strength of foreign currency vs the Mexican peso, the lending rates in the United State and Canada and the political landscape in the rest of the continent.
While we do not expect to see jumps in prices similar to what we witnessed during the pandemic and early post pandemic, 2024 saw a stable and maturing sector that has been a proven successful investment…not to mention an amazing location to soak up the sun, sand and surf.
Happy New Year!
* All data courtesy of AMPI Vallarta, Nayarit and Compostela Flex MLS