Fewer properties are selling, asking prices remain uneven and some buyers are gaining negotiating room. The latest numbers show where Puerto Vallarta’s property market stands heading into the final months of 2026.
House and condominium sales across Puerto Vallarta and Riviera Nayarit fell 38.7% in September compared with a year earlier, as the region’s property market continued to show signs of slower demand and uneven housing supply.
A total of 65 houses and condominiums closed through the regional Multiple Listing Service (MLS) during September, compared with 106 in September 2025, according to figures published Oct. 8 by Coldwell Banker La Costa. Condominium sales fell more sharply, while the number of houses available for sale increased substantially.
The figures point to a changing market, but not necessarily a collapse in property values. Median selling prices remained higher in several categories despite fewer completed transactions. At the same time, some properties are taking longer to sell, and buyers have more choices in certain price ranges and neighborhoods.
For buyers, sellers and current property owners, September’s numbers raise an important question: Are Puerto Vallarta property prices holding their value because demand remains strong, or because sellers have not yet adjusted their expectations to a slower market?
The available data suggests the answer depends heavily on what is being sold, where it is located and whether the property is completed or still under construction.
This month’s PVDN Insider report examines those differences, along with neighborhood prices, housing inventory, rental income, ownership expenses and the economic conditions affecting the local market.
The principal sales figures cover the broader Puerto Vallarta-Riviera Nayarit MLS market. Where neighborhood-level data is available, this report separates Puerto Vallarta locations from communities across the state line in Nayarit. MLS figures also do not capture every private or developer-direct sale.
September 2026: The Market at a Glance
The most recent full-month statistics show fewer transactions for both houses and condominiums, but different trends in available inventory.
| Market indicator | September 2026 | Change from September 2025 |
|---|---|---|
| Total house and condo sales | 65 | -38.7% |
| Houses sold | 17 | -29.2% |
| Condominiums sold | 48 | -41.5% |
| Active house listings | 750 | +26.5% |
| Active condominium listings | 2,672 | -17.5% |
| Median house sale price | US$453,957 | +59.3% |
| Median condominium sale price | US$432,500 | +1.6% |
| Median days on market, houses sold | 154 | -40.1% |
| Median days on market, condos sold | 262 | +10.1% |
Source: Coldwell Banker La Costa, September 2026 house and condominium MLS market summaries. Figures cover its regional market, including Puerto Vallarta and Riviera Nayarit. Prices are expressed in U.S. dollars.
The difference between inventory and sales is one of September’s most important findings.
The number of houses available for sale increased by more than one-quarter, even though fewer houses changed hands. Meanwhile, condominium listings declined, but that reduction did not produce stronger condominium sales.
This means the region is neither a single buyer’s market nor a seller’s market. Some categories face substantial competition among sellers, while others continue to attract buyers at prices relatively close to their final asking amounts.
September is also traditionally part of Puerto Vallarta’s slower tourism season. A comparison with August alone would offer limited insight. The year-over-year September figures and the first nine months of 2026 provide a better indication of whether activity is changing beyond normal seasonal fluctuations.
Home Sales: More Properties Competing for Fewer Buyers
Single-family houses face a different market from condominiums.
September ended with 750 active house listings, up from about 593 a year earlier. That represents 157 additional properties competing for buyers.
Only 17 houses sold during the month, down from 24 in September 2025.
However, the broader January-through-September figures tell a less severe story. A total of 237 house sales were reported through September, down just 4% from the same period last year.
This suggests that the house market’s September performance was weaker than its year-to-date trend, while the growing number of available properties presents an additional challenge for sellers heading into the winter season.
An interesting development is that new house listings declined 28.8% in September compared with a year earlier. In other words, the increase in total available inventory was not simply the result of a surge of new properties entering the market during the month.
More houses remained available despite fewer new listings.
For sellers, that creates competition from properties that may have been advertised for several months. For buyers, it increases the importance of looking beyond the newest listings and examining properties that have remained unsold.
A house advertised for six or eight months is not automatically overpriced. Property condition, location, ownership issues and a limited pool of buyers can all affect selling time. However, a long listing history gives prospective purchasers reason to review comparable closed sales and assess whether the seller’s expectations still match current demand.
Condominium Sales: Less Inventory Has Not Produced More Demand
Condominiums remain central to Puerto Vallarta’s international real estate market, particularly in neighborhoods popular with foreign buyers, seasonal residents and vacation-rental investors.
Yet September’s figures show an important disconnect between supply and demand.
Active condominium inventory declined to 2,672 units, approximately 566 fewer than a year earlier. Ordinarily, declining inventory might signal a positive sign for sellers.
The transaction figures tell a different story.
Only 48 condominiums sold in September, compared with 82 in September 2025. Newly pending condominium listings also declined from 98 to 48.
In the first nine months of 2026, condominium closings totaled 750, down 21.1% from the same period last year.
Condominiums that sold in September spent a median of 262 days on the market, approximately 10% longer than those sold during September 2025.
The simultaneous decline in listings and transactions creates uncertainty about the actual balance between supply and demand.
Fewer active listings may reflect completed transactions, withdrawals, expired listings, changes to how pre-construction units are advertised or owners choosing not to sell.
Without a complete reconciliation of those categories, declining inventory cannot be assumed to mean buyers are absorbing available properties faster.
The more useful measurement is whether available properties are converting into completed sales. On that measure, September was weaker than the same month last year.
Property Prices: Why a Higher Median Does Not Mean Every Home Has Appreciated
One of September’s most surprising numbers was the reported 59.3% increase in the median price of houses sold.
The median house sale price reached US$453,957, up from about US$285,000 in September 2025.
At first glance, that might suggest a dramatic increase in property values.
It does not.
Only 17 houses were sold during the month, making the median especially sensitive to the particular properties included in the transactions.
A month with more expensive hillside houses or luxury residences among the completed sales can produce a much higher median price, even if comparable properties elsewhere are selling for the same amount or less than a year earlier.
The average house sale price actually declined 18.6% in September.
Neither figure independently measures how much an individual property has increased or decreased in value.
The longer January-through-September comparison offers a more stable picture. The year-to-date median house sale price rose 2.3% to about US$425,000, while the average fell 5.2%.
Condominium prices showed a similar gap between median and average.
The September median condominium sale price was US$432,500, up 1.6% from a year earlier. However, the average price declined 7.7%.
Through September, the median condominium sale price increased 7.7% to approximately US$400,000, despite fewer completed transactions.
These figures demonstrate why readers should be cautious when encountering claims that Puerto Vallarta property values have increased by a particular percentage.
The advertised price of a condominium is not its market value. A median selling price is not an appreciation index. And a change in average sale prices does not establish what happened to comparable homes.
A more reliable valuation requires recent sales involving properties of similar size, location, age, condition, building quality and amenities.
For condominiums, differences in floor level, ocean views, parking, rental restrictions and homeowners association finances can materially affect value even within the same building.
How Long Does It Take to Sell Property in Puerto Vallarta?
Time on the market has become an important consideration for both buyers and sellers.
The regional MLS data published by Coldwell Banker La Costa shows a median of 154 days for houses sold during September, down from 257 days a year earlier.
That might initially suggest houses are selling much faster.
However, the year-to-date median increased from 200 to 222 days.
The apparent contradiction reflects an important limitation of monthly statistics. The September figure measures the relatively small group of houses that actually sold that month, not every house still waiting for a buyer.
The condominium market shows a clearer increase in selling time, with a September median of 262 days.
A separate MLS-based analysis by Cochran Real Estate, covering Jan. 1 through Sept. 24, reported average marketing periods of 253 days for houses, 257 days for condominiums and 264 days for land.
These are averages for completed transactions, not guarantees about how long a newly listed property will take to sell.
For homeowners considering a sale, the figures suggest that preparing to sell may require a longer financial and personal timetable than expected.
For buyers, an extended marketing period creates an opportunity to review a property’s listing history. Asking-price reductions, previous failed transactions, maintenance concerns and competing properties can all help explain why a residence remains available.
But the number of days listed is only one part of that examination.
Are buyers getting discounts?
Cochran Real Estate’s January-through-Sept. 24 analysis found completed condominium sales averaging 96.1% of their final asking prices. Houses averaged 95.5%, while land sold at 92.5%.
A condominium last advertised for US$400,000, for example, might be expected to close near US$384,400 if it matched the overall condominium ratio.
That is an illustration of the regional average, not a prediction for a particular property.
There is another important distinction: The reported ratios compare selling prices with the last advertised price, not necessarily the original asking price.
A seller who initially requests US$500,000, reduces the price to US$425,000 and eventually sells for US$410,000 has accepted a substantially larger reduction from the original asking price than the final sale-to-list ratio suggests.
Without original asking prices and complete listing histories, the public summaries cannot establish the total negotiating discounts obtained by buyers.
This makes individual listing histories particularly useful when evaluating a purchase.
Neighborhood Report: Where Properties Are Selling and What Buyers Are Paying
Puerto Vallarta’s real estate market varies substantially by neighborhood.
Walkability, proximity to beaches, ocean views, building age, infrastructure, parking and access to services all influence demand.
A condominium in Centro is not directly comparable with an oceanfront residence in the Hotel Zone. A house in Fluvial Vallarta serves a different market from a hillside property in Conchas Chinas.
A regional MLS breakdown published by Cochran Real Estate provides a closer look at completed condominium transactions during the first nine months of 2026, through Sept. 24.
Puerto Vallarta condominium sales by MLS area
| MLS area | Condos sold | Average sale price |
|---|---|---|
| Centro North | 78 | US$373,674 |
| Centro South | 112 | US$505,357 |
| Hotel Zone | 57 | US$593,218 |
| Marina | 46 | US$745,973 |
| South Shore | 68 | US$793,889 |
Source: Cochran Real Estate, regional MLS records, Jan. 1-Sept. 24, 2026. Areas represent MLS geographic classifications, not necessarily municipal or neighborhood boundaries. Prices are averages of completed transactions, not median prices or estimates for individual properties.
The differences are substantial.
Centro North recorded the lowest average condominium selling price among these five areas, at approximately US$373,674.
Centro South averaged US$505,357, reflecting its mix of properties in and around the central and southern downtown market.
The Hotel Zone averaged US$593,218, while Marina-area condominiums averaged US$745,973.
South Shore condominiums recorded an average of US$793,889.
These figures should not be interpreted as proof that property in one neighborhood appreciates faster than another. The data does not adjust for differences in unit size, ocean frontage, construction quality or the mix of properties sold.
A neighborhood with a high average price may simply have sold a greater proportion of expensive residences.
Zona Romántica and Emiliano Zapata
The Romantic Zone, including the Emiliano Zapata neighborhood, remains one of the region’s more active condominium markets.
Cochran’s neighborhood-level data recorded 94 condominium transactions in this community through Sept. 24, with an average sale price of US$511,424.
The area offers a mix of established condominium buildings, newer developments, pedestrian access to restaurants and entertainment, and proximity to Los Muertos Beach.
Buyers considering rental income should distinguish between buildings that permit short-term rentals and those with restrictions established through condominium regulations.
Two units with similar asking prices can offer very different investment possibilities if one building prohibits vacation rentals or imposes restrictions on guest access.
Buyers should also investigate older buildings’ maintenance requirements, elevator condition, water systems and any planned special assessments.
Amapas and Conchas Chinas
Amapas and Conchas Chinas serve a more specialized market, with many properties emphasizing views, hillside locations and access to the southern beaches.
The MLS neighborhood data recorded 24 condominium sales in Amapas through Sept. 24, averaging US$683,912.
Lower Conchas Chinas recorded eight condominium sales averaging approximately US$1.44 million.
The limited number of transactions in Lower Conchas Chinas makes its average particularly sensitive to individual high-value sales.
For hillside purchases, location also introduces considerations that may not be apparent from listing photographs.
Road access, retaining walls, slope stability, drainage, stormwater management and maintenance expenses can all affect the long-term cost of ownership.
Marina Vallarta
Marina Vallarta recorded 46 condominium sales with an average selling price of US$745,973.
It remains a distinct market with an established residential environment, access to the airport and a concentration of condominium buildings serving different budgets.
Prospective buyers should pay attention to differences between older and newer developments, including maintenance reserves, building systems and homeowners association charges.
An older condominium offered at a lower purchase price may not necessarily be less expensive to own if major maintenance work is approaching.
Versalles and Fluvial Vallarta
Versalles and Fluvial Vallarta are important to the city’s residential market, but the available September data does not provide a sufficiently detailed, consistent set of closed condominium sales to assign reliable stand-alone monthly selling prices to both neighborhoods.
A separate listing-price dataset from Mexican housing research platform Laar showed a median advertised price of approximately MXN 70,312 per square meter for Versalles on Sept. 1. However, that figure was based on just seven listings and should not be treated as a representative neighborhood valuation.
Fluvial Vallarta has more identifiable activity in the single-family home segment.
Cochran’s neighborhood records reported 15 house sales in Fluvial during the year through Sept. 24, averaging US$524,327. Those transactions closed at approximately 97.7% of their final asking prices.
These areas illustrate why a complete understanding of Puerto Vallarta property prices requires examining more than the international condominium market.
For full-time residents, considerations such as schools, supermarkets, parking, traffic and access to medical services can be as important as views or proximity to the beach.
The Riviera Nayarit comparison
Communities north of the Ameca River are frequently included in Puerto Vallarta real estate searches, but they belong to a separate state and should not be confused with Puerto Vallarta municipality.
The regional MLS data through Sept. 24 showed 75 condominium sales in Bucerías averaging US$464,376, and 78 in Nuevo Vallarta West averaging US$518,348.
La Cruz de Huanacaxtle recorded 45 condominium sales averaging US$588,386.
These markets compete for some of the same international buyers, particularly those considering vacation properties or retirement homes. However, taxes, local regulations, utility services and development conditions may differ.
For PVDN’s monthly reporting, they are best treated as a regional comparison rather than combined with Puerto Vallarta neighborhood totals.
Resale Condominiums and Pre-Construction Are Not the Same Market
One of the more important questions facing condominium buyers in 2026 is whether the market for completed resale properties is following the same trend as newly developed units.
The available evidence suggests there may be a significant difference.
A September analysis by Puerto Vallarta real estate agent Nik Valcic, using MLS records through Sept. 10, estimated that resale condominium sales had increased approximately 17% compared with the same period in 2025.
The same analysis estimated that pre-construction condominium sales had declined approximately 57%, with substantially longer marketing periods.
These figures require caution. The author identified the resale and pre-construction breakdowns as allocated estimates rather than an exact reconciliation of all MLS transactions. They also do not cover the completed month of September.
Nevertheless, the distinction deserves attention.
Buyers of completed condominiums can inspect the actual unit, evaluate the building’s operation, review existing maintenance expenses and assess the condition of the surrounding neighborhood.
Pre-construction buyers are purchasing a future residence, often based on plans, specifications and construction schedules.
They also assume risks connected with financing, delivery dates, changes to building specifications and the developer’s ability to complete the project.
A new development advertised at a lower price per square meter is not automatically a better investment than a completed resale property.
The potential price advantage needs to be weighed against the time before occupancy, contractual protections, financing arrangements and the possibility of delays.
Developer incentives can also complicate price comparisons.
A discount, included furniture package or payment plan may improve a buyer’s effective purchase terms without appearing as a straightforward reduction in an advertised selling price.
For buyers considering pre-construction, reviewing permits, land ownership, contractual obligations, utility availability and the developer’s history should be part of the purchase process before making a substantial nonrefundable commitment.
A complete regional accounting of available pre-construction units, unsold completed developer inventory and future scheduled deliveries was not available from the public sources reviewed for this report. Consequently, September’s figures do not establish how many new condominium units will enter the market over the next year.
Luxury Properties: Plenty of Inventory, Fewer Completed Deals
The luxury segment presents another difference between property supply and actual transactions.
According to the September market figures published by Coldwell Banker La Costa, houses advertised at US$1 million or more represented 28.3% of active house listings across its regional market.
However, properties in that price range accounted for only 12.2% of house closings through September.
That imbalance suggests the higher-priced market has a larger proportion of available inventory than its share of completed transactions.
Luxury properties can naturally require longer selling periods because the potential buyer pool is smaller and individual homes may be difficult to compare.
However, sellers should not assume that limited direct competition means buyers will accept asking prices without reference to other properties.
A foreign buyer considering a US$1.5 million property may compare homes in several neighborhoods, across state lines or even in entirely different destinations.
At the other end of the market, 18 of the 28 newly pending house listings in September were priced below US$500,000.
This does not prove that lower-priced properties are universally selling faster, but it demonstrates that purchase activity continues outside the luxury segment.
The distinction matters when evaluating where buyer demand is actually concentrated.
Land Sales: A Separate Market With Longer Timelines
Residential lots and undeveloped land deserve separate treatment because their pricing and risks differ significantly from completed homes.
Cochran Real Estate’s regional MLS summary recorded 50 land transactions between Jan. 1 and Sept. 24, totaling approximately US$23.5 million.
During the same reporting period, its market snapshot showed 471 active land listings and 244 expired listings.
Land transactions closed at an average of 92.5% of the final asking price, a wider difference than the ratios reported for completed houses and condominiums.
However, these figures cover a large geographic area with substantially different types of parcels.
A residential lot with established access, utilities and clear zoning is not directly comparable with undeveloped rural land.
Purchasers should confirm whether the property has valid private title, whether land-use rules permit the intended development and whether water, drainage, road and electricity services are available.
Land advertised as suitable for condominium construction should not be valued solely on the potential number of units shown in preliminary development plans.
The number of units legally permitted, the cost of providing infrastructure and the expense of engineering work can materially alter the economics.
The Vacation-Rental Market: Why Projected Income Deserves Closer Examination
For many foreign investors, the appeal of purchasing a Puerto Vallarta condominium includes the possibility of earning short-term rental income when the owner is not using the property.
But the vacation-rental market introduces another set of statistics that require careful interpretation.
Two commercial rental-data providers currently report substantially different average results for Puerto Vallarta.
AirDNA’s report updated Oct. 6, using rental data through September 2026, identified 5,948 active short-term rental listings. It reported an average annual revenue of approximately US$31,300, an occupancy rate of 57% and an average daily rate of US$178.
AirDNA’s occupancy figure measures booked nights as a percentage of nights a property was made available for rent. It is not necessarily the percentage of all 365 nights in a year.
AirROI, in a dataset updated Sept. 12 covering August 2025 through July 2026, identified 6,834 active listings, with average annual revenue of US$21,199, occupancy of 37.7% and an average daily rate of US$223.
The two datasets cover different periods and use different collection and calculation methodologies.
Their results cannot be treated as directly comparable evidence of an increase or decrease in occupancy between July and September.
They do, however, illustrate a problem facing buyers who rely on general market averages.
A forecast that appears attractive under one set of occupancy and revenue assumptions may be considerably less attractive under another.
Neither provider’s average establishes how much a specific condominium will earn.
Rental performance depends on location, bedroom count, views, amenities, management, reviews, pricing, seasonality, building regulations and how often the owner makes the property available.
What a rental investment might actually return
Consider a hypothetical buyer purchasing a condominium for US$400,000.
Suppose the property generates US$24,000 in annual rental revenue.
That represents a gross rental yield of 6% relative to the purchase price.
However, the gross figure does not account for operating expenses.
If annual expenses total US$9,000 for management, condominium fees, maintenance, utilities, insurance, supplies and other operating costs, the property produces US$15,000 before income taxes and financing expenses.
The resulting operating yield would be 3.75% of the purchase price.
| Illustrative investment | Annual amount |
|---|---|
| Property purchase price | US$400,000 |
| Gross rental revenue | US$24,000 |
| Operating expenses | US$9,000 |
| Income before financing and income taxes | US$15,000 |
| Gross rental yield | 6.0% |
| Operating yield | 3.75% |
This is a hypothetical illustration, not a forecast or an average return for Puerto Vallarta. It excludes acquisition and furnishing costs, financing, income taxes and any future capital expenses not included in the assumed operating budget.
The example demonstrates why rental revenue alone is an incomplete measure of investment performance.
A property that generates substantial bookings can still produce a modest return after expenses.
For properties in older buildings, special assessments or major repairs can reduce annual returns further.
A realistic investment analysis should include actual rental statements for comparable units, not only estimates provided in a development brochure.
Investors should also determine whether the homeowners association permits short-term rentals and what local and state obligations apply to the activity.
Long-Term Rentals and the Cost of Living in Puerto Vallarta
Not every person moving to Puerto Vallarta wants to buy a condominium.
Many new residents prefer to rent during their first year, particularly while becoming familiar with neighborhoods and learning whether the city’s climate and lifestyle meet their expectations.
For those residents, the long-term rental market deserves the same attention as property sales.
Laar’s Sept. 1 housing snapshot showed a median monthly advertised apartment rent of MXN 22,000, based on 78 rental listings in its sample.
Its smaller house-rental sample contained just nine listings, with a median asking rent of MXN 23,000.
Those figures reflect available rental advertisements captured by the platform. They are not a comprehensive record of all rental agreements signed in Puerto Vallarta.
They also cannot establish whether September rents increased or decreased compared with September 2025 without a comparable historical sample.
The distinction is important.
Advertised rents represent what landlords hope to receive, while signed contracts reveal what tenants actually agree to pay.
The local rental market also serves several different groups, including Mexican families, full-time foreign residents, seasonal retirees and renters seeking furnished accommodation for shorter periods.
These groups do not necessarily compete for identical properties.
For a relocating household, the decision to rent before buying can carry financial value beyond the monthly rent itself.
A rental period provides time to experience summer humidity, rainy-season conditions, traffic patterns, neighborhood noise, access to services and everyday living expenses before making a long-term property commitment.
A citywide comparison between buying and renting cannot be calculated responsibly from the currently available listings without accounting for property type, neighborhood, financing, ownership expenses and expected length of stay.
Housing Affordability: The Market Many Residents Experience Differently
Puerto Vallarta’s international real estate market receives considerable attention because many properties are advertised in U.S. dollars and marketed to foreign buyers.
But the city also has a much larger housing market serving local households whose income and expenses are primarily denominated in Mexican pesos.
The two markets can be difficult to compare.
A US$400,000 condominium may represent a conventional retirement purchase for some international buyers while remaining beyond the purchasing capacity of many households working in the local economy.
At Banco de México’s Sept. 30 reference exchange rate of 18.0692 pesos per dollar, a US$400,000 purchase corresponds to approximately MXN 7.23 million.
This does not mean every property should be converted using the same rate, since contract terms and transaction dates matter.
It does illustrate how differences in currency and purchasing power shape the local housing market.
Official national housing statistics also have limitations when applied to Puerto Vallarta.
The Sociedad Hipotecaria Federal reported that Mexican housing prices associated with mortgage financing increased 7.3% nationally during the second quarter of 2026 compared with a year earlier.
That is a national mortgage-market measurement, not an appreciation rate for Puerto Vallarta’s international condominium market.
Similarly, the local MLS summaries emphasize properties listed through participating brokers and do not provide a complete picture of lower-priced Mexican housing transactions.
A comprehensive assessment of local affordability would require current household income data, representative peso-denominated housing prices, mortgage availability and property transactions outside the internationally marketed segment.
Without those figures, it would be misleading to claim that Puerto Vallarta housing affordability improved or deteriorated by a precise percentage during September.
What can be established is that advertised prices in the international condominium market cannot stand in for the housing costs experienced by every local resident.
What It Really Costs to Buy Property in Puerto Vallarta
The advertised selling price is only one component of the amount a purchaser may need to spend.
In Puerto Vallarta, acquisition expenses can include property-transfer taxes, notary charges, appraisal and registration expenses, legal due diligence, and bank trust costs when applicable.
Foreign buyers also need to understand Mexico’s restricted-zone ownership rules.
Under the framework described by the Mexican Ministry of Foreign Affairs, qualifying foreign residential purchasers within 50 kilometers of the coast generally use a bank trust, known as a fideicomiso, rather than holding direct title in their own names.
The permitted trust term can extend up to 50 years and is renewable under applicable rules.
For 2026, the ministry lists a government permit fee of MXN 21,650 for establishing a restricted-zone fideicomiso. That is only the government permit charge, not the total cost of establishing or maintaining the trust.
The buyer may also face bank setup charges, ongoing trust administration fees and other expenses.
Puerto Vallarta’s 2026 property-transfer tax
Article 41 of Puerto Vallarta’s 2026 municipal revenue law establishes a progressive schedule for the property-transfer tax, known as impuesto sobre transmisiones patrimoniales.
The schedule applies marginal rates ranging from 2.65% to 3.55%, depending on the taxable value bracket.
The law also specifies that the tax base is the higher of the approved property appraisal or the agreed transaction price.
For example, consider a hypothetical US$400,000 purchase converted to MXN 7,227,680 at the Sept. 30 reference exchange rate.
Assuming that amount is also the applicable tax base and there are no special adjustments, the 2026 municipal schedule produces an estimated acquisition tax of approximately MXN 218,570.
That amount is separate from notary fees, registration expenses, legal services and applicable bank trust costs.
The final amount for a real purchase must be calculated by the handling notary using the transaction’s actual documentation and applicable law.
Annual ownership costs
After closing, owners should budget for recurring expenses.
Condominium association fees deserve particular attention because the advertised monthly charge may not reflect the full cost of maintaining a building over time.
Owners should examine the annual operating budget, reserve funds, outstanding assessments, unpaid dues and planned capital improvements.
Elevators, swimming pools, air conditioning systems, pumps, waterproofing and exterior maintenance all require periodic expenditure.
In Puerto Vallarta’s coastal environment, humidity and salt exposure can add to long-term maintenance needs.
A building with unusually low monthly fees is not necessarily a bargain if its maintenance reserves are insufficient.
Buyers should also consider insurance, property taxes, utilities, internet, repairs and periodic replacement of furniture and appliances.
For international owners who spend part of the year elsewhere, property-management expenses may represent another significant cost.
Economic Conditions: Airport Traffic, Interest Rates and Exchange Rates
Puerto Vallarta’s property market operates alongside a tourism-dependent local economy and a buyer population that includes residents of Mexico, the United States and Canada.
Airport traffic provides one measure of the conditions surrounding that market.
Grupo Aeroportuario del Pacífico reported 307,100 passengers at Puerto Vallarta’s airport in September, compared with 342,600 during September 2025.
That represents a 10.4% decline.
For the first nine months of the year, passenger traffic totaled approximately 4.54 million, down 12.3% from the same period in 2025.
International passenger traffic declined 19.4% over the nine-month period, while domestic traffic decreased 3.7%.
The airport operator attributed the broader September slowdown in part to reduced airline seat capacity. Adverse weather associated with Hurricane Polo also affected operations toward the end of the month.
These passenger counts include airport traffic rather than a count of unique tourists, property buyers or people staying in vacation rentals.
They cannot establish that reduced air travel caused lower property sales.
However, the decline is relevant context for investors who expect rental demand to increase consistently.
A property investment based on tourism revenue should be evaluated against realistic demand assumptions, rather than an expectation that the number of visitors will rise every year.
Financing costs
Financing remains another consideration.
Banco de México maintained its benchmark interest rate at 6.50% following its Sept. 24 monetary policy decision.
That benchmark is not the rate charged to homebuyers.
The Sociedad Hipotecaria Federal’s latest available national report cited an average mortgage rate of 11.42% during the second quarter of 2026.
Actual mortgage terms depend on the lender, borrower, property and financing arrangement.
Foreign buyers purchasing in cash may not be directly affected by Mexican mortgage rates, but financing conditions still influence the domestic housing market and the affordability of purchases for borrowers.
Exchange rates
The peso also affects property affordability, although the impact depends on the currency used in a transaction.
Banco de México’s end-of-September FIX rate was 18.0692 pesos per U.S. dollar, compared with 17.0147 at the end of August.
For buyers holding U.S. dollars, a weaker peso can reduce the dollar cost of peso-denominated expenses.
But many properties marketed to international buyers are advertised in dollars. In those cases, a change in the exchange rate does not automatically reduce the dollar asking price.
For Mexican buyers earning pesos, dollar-denominated asking prices can become more expensive when the peso weakens.
Sellers and buyers should clarify the contractual currency, the method of exchange-rate calculation and the date used for settlement before comparing offers.
Construction, Infrastructure and Property Risk
Real estate prices are not determined only by the number of buyers and sellers.
The long-term value of a property can also be affected by the surrounding infrastructure and the condition of the building itself.
For Puerto Vallarta, important considerations include drainage, water service, road access, electricity capacity and the cumulative effects of new construction.
Development can increase a neighborhood’s attractiveness, but additional residential density may also place greater demands on existing infrastructure.
A completed condominium with reliable utilities may offer a different ownership experience from a new project in an area where services are still being expanded.
The municipality publishes urban-planning and land-use documents through its transparency portal.
As of the publication of this report, the publicly displayed subdivision-authorization material in the relevant municipal transparency section extended through June 2026. Those records are not sufficient to establish a complete September condominium development pipeline.
They should not be interpreted as proof that construction activity stopped during later months.
For buyers, the practical implication is that a nearby construction project, proposed development or vacant parcel should be investigated independently rather than relying on a sales agent’s description of future neighborhood conditions.
Property-specific environmental exposure is another consideration.
Flood-prone locations, hillside drainage, stormwater runoff, coastal corrosion and building waterproofing can all affect maintenance expenses and insurability.
A lower purchase price may be offset by greater future repair costs.
These factors do not mean such properties should automatically be avoided. They mean that engineering inspections, insurance estimates and building maintenance records deserve attention before a purchase is finalized.
What September Means for Buyers
September’s figures suggest that buyers in some property categories have more room to compare alternatives and evaluate prices without relying on assumptions about continuous appreciation.
This is particularly relevant to the single-family house market, where available inventory increased considerably from a year earlier.
However, buyers should not approach every neighborhood or property type with the assumption that sellers are equally motivated.
A well-maintained condominium in a desirable building may face different competitive conditions from a large luxury house or an unfinished development.
A sensible offer should be based on recent comparable sales, the property’s condition and the amount of competing inventory.
Prospective purchasers should also review ownership expenses, building regulations and any financial obligations that will continue long after the transaction is completed.
The greatest advantage for buyers in a slower market may not be the ability to secure the largest advertised discount.
It may be the opportunity to avoid purchasing a property that does not meet their long-term financial or lifestyle requirements.
What September Means for Sellers
Sellers face a market in which asking prices and buyer expectations may not always be aligned.
For homeowners, the most useful comparison is not necessarily the highest price currently advertised in the neighborhood.
It is the price paid for similar properties that actually completed transactions.
An optimistic listing price can make a property less competitive if buyers have access to comparable homes with stronger value.
Properties that remain unsold for extended periods also continue to generate carrying costs.
Condominium dues, property taxes, utilities, insurance and maintenance do not stop while an owner waits for an offer.
Sellers should understand those costs when evaluating whether maintaining a higher asking price is financially advantageous.
September’s longer condominium marketing periods are a reason to establish a realistic selling timetable, particularly for owners who need the proceeds to finance another purchase or relocation.
What September Means for Current Homeowners
For owners who are not planning to sell, a decline in regional transactions does not automatically translate into a decline in the value of their home.
The public figures do not provide a repeat-sales index that measures identical properties at two different points in time.
Owners should therefore be cautious about adjusting their expectations based on a single month’s median selling price.
A property’s long-term financial position also depends on ongoing ownership costs, maintenance, insurance and future capital improvements.
Those expenses can be particularly important for condominium owners whose buildings are aging or facing significant repairs.
Owners interested in rental income should evaluate actual annual profits, rather than gross booking revenue, when deciding whether continuing to operate a vacation rental remains financially worthwhile.
For those considering selling in the next year, collecting current comparable sales and reviewing a property’s condition now may provide a clearer starting point than relying on general market projections.
Outlook: What to Watch Through the End of 2026
September’s numbers establish several trends worth monitoring as Puerto Vallarta enters the period leading into its winter tourism season.
The first is whether buyer activity recovers.
Pending transactions provide an early indication of future closings, although not every pending contract results in a completed sale.
The September decline in pending condominium listings makes that figure particularly important to watch during October and November.
The second is whether house inventory continues increasing.
If more houses remain available while completed sales fail to improve, competition among sellers could intensify.
A reduction in inventory accompanied by stronger completed sales would suggest a different development.
The third is whether condominium prices remain relatively stable while marketing periods increase.
A market can maintain reported median prices even as transactions slow, particularly when the mix of properties being sold changes.
A fourth indicator is the performance of pre-construction projects.
More complete information about reservations, completed developer sales, delivered units and unsold inventory would help establish whether the weakness suggested by preliminary broker estimates is continuing.
Finally, the relationship between travel demand and vacation-rental income deserves attention.
Increased winter visitor traffic may help some rental operators, but stronger tourism activity does not automatically guarantee higher rental yields or more condominium purchases.
There are several possible outcomes for the final quarter.
Sales activity could improve as seasonal buyers return. Transactions could remain subdued while asking prices change little. Or prolonged marketing periods could encourage additional sellers and developers to adjust prices and purchase incentives.
September’s available data does not establish which outcome is most likely, and it does not support a reliable forecast for citywide property appreciation or depreciation during the remainder of 2026.
The next two months of completed sales and pending contracts should provide a clearer indication of the market’s direction.
September’s Bottom Line
Puerto Vallarta’s real estate market entered the final quarter of 2026 with fewer completed transactions, an increasing supply of houses and a condominium market that has not experienced stronger sales despite a reduction in active inventory.
Reported median prices remained comparatively resilient, but those figures should not be mistaken for evidence that every property increased in value.
The differences between neighborhoods, price ranges, completed residences and pre-construction properties remain substantial.
For buyers, the market offers reasons to examine competing properties carefully and negotiate using actual sales evidence.
For sellers, longer marketing periods and weaker transaction activity increase the importance of realistic pricing.
For investors, the disparity between vacation-rental revenue estimates reinforces the need to verify operating expenses and actual income before making purchasing decisions.
And for current homeowners, September is a reminder that the value of a property depends on far more than the latest advertised price or monthly market average.
The local real estate market has not stopped functioning. Properties continue to sell, and some neighborhoods remain active.
But the figures show that market conditions are changing unevenly.
Understanding those differences is becoming more important than relying on a single number to describe Puerto Vallarta property prices.
About This Report: Sources and Methodology
The PVDN Insider Monthly Real Estate Market Report examines publicly available market statistics, government records and independent market indicators to provide residents and property owners with a broader understanding of real estate conditions in Puerto Vallarta.
Reporting period: Sept. 1-30, 2026, with selected January-September comparisons and the latest available supporting data.
Geographic limitations: The principal MLS sales statistics cover Puerto Vallarta, Riviera Nayarit and surrounding areas served by participating brokerages. They are not a complete count of property transactions within Puerto Vallarta municipality. Neighborhood and MLS-area results are identified separately where available.
Sales information: The September monthly comparison comes from Coldwell Banker La Costa’s October 2026 market report. Additional property-type and neighborhood results come from Cochran Real Estate’s 2026 Banderas Bay MLS analysis, covering Jan. 1-Sept. 24. These are broker-published MLS summaries; PVDN has not independently audited the underlying transaction-level records. Different reporting dates and classification methods mean some figures should not be compared directly.
Pre-construction: A Sept. 11 market analysis by Nik Valcic supplies preliminary estimates through Sept. 10. The resale and pre-construction breakdowns are estimates rather than fully reconciled transaction totals.
Asking prices and rents: Selected listing statistics come from Laar’s Puerto Vallarta housing dataset, dated Sept. 1. Asking prices are not completed sale prices, and the samples do not represent every property in the municipality.
Vacation rentals: Market estimates come from AirDNA and AirROI. Their reporting periods and methodologies differ, and you should not interpret their estimates as verified earnings for an individual property.
Economic information: Passenger traffic comes from Grupo Aeroportuario del Pacífico’s September report. Exchange rates and monetary policy information come from Banco de México. National housing and mortgage data come from Sociedad Hipotecaria Federal.
Property ownership and taxes: Foreign ownership information comes from the Mexican Ministry of Foreign Affairs. Municipal acquisition tax calculations are based on Article 41 of Puerto Vallarta’s 2026 revenue law, published by the Congress of Jalisco. Tax examples are illustrative and should not substitute for a transaction-specific calculation by a qualified notary or tax professional.
Interpretation: Median and average selling prices describe the properties that changed hands during the specified period. They are not repeat-sales appreciation indexes. Figures for days on market refer to properties that sold unless otherwise stated. Examples of rental returns and purchase costs are illustrative, not guarantees of investment performance.
PVDN Insider: This report is intended for informational purposes and does not constitute personalized investment, legal, tax or real estate advice. Future monthly reports will track changes using consistent definitions and will identify any revisions or limitations in the underlying data.
