By Roger Dubois | October 2025 | DuboisPVRealEstate.com
The heart of Puerto Vallarta’s Zona Romántica, known locally as Centro South, continues to evolve. According to the FlexMLS Market Summary (September 2025), the area now leans clearly toward a buyer’s market, marked by high inventory levels and extended marketing times. Yet the story goes deeper, influenced heavily by new developments still under construction.
Market Snapshot (as reported by MLS)
- Absorption Rate: 22.75 months (almost two years of available inventory)
- Active Listings: 328 (+7.9% YoY)
- Median Days on Market: 218 (+29.8%)
- Median Sale Price: USD $485,582 (-9.8% vs 2024)
- Average Sale Price: USD $738,494 (+54.7%, skewed by luxury closings)
These numbers include both resale and pre-construction listings, which is why absorption appears unusually long. When filtered for resales only, Centro South would likely show a more balanced 10- to 12-month absorption rate, still buyer-friendly but less extreme.
New and Ongoing Pre-Construction Projects
Several major developments are currently adding dozens of units to the inventory pool. Together they explain why the MLS shows an unusually high absorption rate:
- Ofrenda (Puerto Vallarta – Emiliano Zapata)
Delivery est.: March 2026. Boutique design-forward community emphasizing art and Pacific coastal style. Actively promoting pre-construction discounts.
- Varia Living (Romántica / Old Town)
Delivery est.: Winter 2025. 8 apartments + 12 lofts with rooftop pool and fitness area. Developer incentives for early buyers.
- EVA (Basilio Badillo Corridor)
Delivery est.: Late 2025. Boutique residential building marketed as pre-construction by local agents. Mix of 1 and 2-bed units with modern finishes.
- The Cosmopolitan Boutique Residences
Delivery est.: May 2026. 21 units on Basilio Badillo, Emiliano Zapata. Luxury amenities and rooftop pool.
- LUZ 2
Delivery est.: February 2026. Modern condos in Romántica, still in final phase of construction. Some units offering pre-sale pricing and financing options.
- South Bay (Developed by Tropicasa & Partners)
Delivery est.: Mid-2026. Contemporary tower community with 80/20 financing model and introductory discounts. Adds significant unit volume to Centro South inventory.
Impact on the Numbers
1. Inventory Inflation
Projects like Ofrenda, Varia Living, and South Bay list multiple units individually in the MLS, increasing the number of active listings and making overall supply appear heavier than resale reality.
2. Absorption Adjustment — Not All Developer Sales Are Delayed
In Puerto Vallarta, most pre-construction projects are marked as ‘sold’ once the buyer completes the required down payment, even if the property is not yet delivered. This means some developer sales do appear in the MLS sold data earlier than delivery, helping to slightly reduce the absorption rate compared to a strict delivery-based calculation. However, because many of these ‘closed’ sales are recorded long before occupancy, they still don’t contribute to immediate resale market liquidity and therefore influence market dynamics differently than completed units.
3. Price Influence
Pre-construction sales, often priced at premium levels with structured payment plans, tend to raise the average sale price while not necessarily reflecting resale market pricing trends. This explains why the average sale price ($738K) is significantly higher than the median ($485K).
4. Days on Market (DOM) Distortion
Many developer listings remain active for extended periods until they reach a pre-sale quota. Even though they can mark a sale upon down payment, the listing stays visible during pre-sale phases, which stretches average DOM compared to resales that typically close within 90–150 days.
What This Means for Buyers
For buyers, this is the most advantageous moment in several years to purchase in Centro South. Choose between brand-new pre-construction projects and turn-key resales. Expect motivated sellers and developers offering discounts or flexible terms. Enjoy greater selection and negotiation power before high season arrivals.
“With inventory at record levels and developers offering creative incentives, qualified buyers can secure excellent deals in Centro South right now,” notes Roger Dubois, AMPI & NAR Realtor at Hogar Realtors.
What Sellers Should Do
If you’re a seller in this market, price realistically within 5% of comparable sales. Highlight turn-key condition and rental potential versus future delivery projects. Optimize your listing before high season (Nov–Apr) when buyer traffic is strongest.
Summary Insight
According to FlexMLS data (Sept 2025), Centro South shows a 22.75-month absorption rate and median DOM of 218 days, confirming a buyer’s market. However, that figure includes new projects like Ofrenda, Varia Living, EVA, Cosmopolitan, LUZ 2, and South Bay, which inflate inventory counts and extend absorption artificially. Resale-only activity remains steady, showing healthy interest from both investors and second-home buyers.
Let’s Talk Strategy
Considering buying or selling in Centro South Vallarta? Contact Roger Dubois to get an updated market valuation and personalized guidance.
