Puerto Vallarta and Riviera Nayarit Real Estate Market: A Comparative Analysis of August 2023 vs. August 2024

The real estate market in Puerto Vallarta and Riviera Nayarit has shown notable fluctuations over the past year, according to data from the Vallarta Nayarit MLS.
Below, we break down the key statistics from August 2024 compared to August 2023, offering a clear view of how the sector has evolved in this region:

New Listings

In August 2024, there were 127 new property listings, representing a 79% increase compared to the 71 listings recorded in August 2023. This rise reflects a growing supply in the market, possibly driven by increased demand for properties in the area and the ongoing appeal of the region for investors and buyers.

Median Price of New Listings
The median price of new listings also experienced an 11% increase, rising from USD $430,000 in August 2023 to USD $478,000 in August 2024. This increase suggests an appreciation in property values, likely due to high demand and limited inventory in certain segments of the market.

Sold Properties
One of the most significant shifts is the decrease in the number of sold properties. In August 2024, 66 properties were sold, a 40% decline compared to the 111 sales in August 2023. This drop in sales could be attributed to various factors, such as an adjustment in demand or broader economic conditions.

Median Sale Price
In terms of the median sale price, there was an 11% decrease, from USD $430,000 in August 2023 to USD $382,000 in August 2024. This trend may indicate that buyers are being more cautious or opting for properties in lower price ranges.

Conclusion
The real estate market in Puerto Vallarta and Riviera Nayarit has experienced a mixed performance, with a significant increase in new listings and listing prices, but a drop in sales and closing prices. For those considering buying or selling properties in this region, it is essential to stay informed about these fluctuations and understand how they may impact investment decisions.

The upcoming quarter will be key in determining whether these trends continue or if the market adjusts to the new conditions.