At Coldwell Banker La Costa, we saw a market like no other in 2021. With sales left and right, there was no doubt that the Puerto Vallarta Real Estate market had taken off (again!). Now, in July 2022, halfway through the year, we see no sign of things slowing down; there has been no drop in the Real Estate sales of Puerto Vallarta, with an incredible 20% increase in the number of sales. It seems as though the demand for Puerto Vallarta Real Estate is consistent….everyone wants to buy their piece of Mexican paradise!
With demand for properties being so high for so long, it’s only natural that we have hit a lull in inventory. New listings that hit the market are sold at the snap of a finger, and pre-construction developments are selling units before they have even broken ground. For those looking to sell, it has never been a better time. With little inventory to choose from, buyers, and motivated buyers at that, are not shy to offer more than the asking price, and it is not uncommon to see multiple offers on a given property. In fact, we have seen 0% of listings sold be sold below the asking price. That is a surefire sign that the Puerto Vallarta Real Estate market is currently a seller’s market.
While it is currently a seller’s market, there are still incredible opportunities for buyers when it comes to preconstruction projects and discounts. Coldwell Banker La Costa has numerous pre-construction developments with units still for sale! Venecia Palm Springs, Distrito Hamburgo, Mar Azul, Oqueano, Bliss 450, and La Condesa all offer those looking to buy an incredible opportunity to own a piece of Puerto Vallarta Real Estate. Sunset Tower, one of preconstruction developments in the famous 5 de Diciembre neighborhood has already sold out – and boy oh boy did they go fast! Discounts are available for those looking to invest in preconstruction, making it an even more attractive option for buyers. If you’re looking to buy a house as opposed to a condominium unit, there are homes for sale with new ones hitting the market weekly.
So, why the sudden interest in Puerto Vallarta Real Estate post-pandemic? And where exactly are buyers flocking from? The answer is simple: US and Canadian citizens. While some may be retirees, folks looking to escape the outrageous cost of living, or digital nomads of the younger generation, they are all coming to Puerto Vallarta wanting to invest and own property.
Those who are investing now in Puerto Vallarta Real Estate still haven’t missed the boat. Although the average sale price is up a whopping 8% from 2021, bringing it to $384,555 USD, it is not too late to invest in property and see the incredible return on investment possibilities that exist in Puerto Vallarta Real Estate. Those who bought property in the previous years have certainly seen an increase in their property value, and all signs point to the continuous and gradual increase of property values. AKA, now is the time to invest in Puerto Vallarta Real Estate. If it’s an idea you have been toying with for some time, our Real Estate Professionals at Coldwell Banker La Costa can confidently say that the time to pull the trigger has come!
For those looking to either sell or buy their property in paradise, it has never been a better time. With inventory low, sellers have a huge advantage in this market where demand is notably high. With property values increasing like never before, now is also a great time for buyers who are looking to get in on the action.
Want to take a look at the mid-year market report, done by our very own Nik Valcic? Click here to download the PDF!