The 2024 Puerto Peñasco real estate Market is experiencing increased interest from buyers this year with the sold volume rising 5% higher over the same time last year indicating that more properties are being purchased in 2024 than compared to 2023.

The rising demand has increased the average sales prices by 3% higher this year, which usually happens when demand outpaces supply. However, the price increase is relatively modest, which could indicate that while demand is up, it’s not driving prices up too quickly – likely due to increased competition among sellers creating a 42% increase in inventory.

A rise in home inventories suggests that more properties are being listed for sale, either because current owners believe it’s a good time to sell (perhaps due to rising prices) or because of new developments. This large increase in inventory may also indicate that supply is catching up with demand or even surpassing it.

As prices increase, more sellers might be listing their properties to capitalize on higher valuations. Developers might also be introducing new properties, leading to the spike in inventory.

Overall, while the market is currently growing, the sharp increase in inventory could be a sign that the market might balance out or even tilt in favor of buyers soon. That is good news for buyers because the increased inventory will lead to more negotiating power, especially if the market becomes more competitive among sellers.

My advice is to monitor the ratio of sold properties to inventory and any changes in demand will be crucial in predicting the market’s direction.

To learn what your property is worth in today’s market contact any AMPI certified real estate agent who would be happy to assist or send me an email direct at rockypointrealestate911@gmail.com.

About the author: Joseph Sanchez is a AMPI-certified real estate agent with RE/MAX Legacy, developer of Viviente at Sandy Beach , president of Rocky Point Home Builders and a U.S. Veteran. He resides here in Puerto Peñasco with his wife and three children and is originally from Chicago. For more information visit www.rockypointrealestate911.com on the internet.

IMAGE CITATION- Photo courtesy of Flexmls.