As we navigate through the intricacies of Costa Rica's real estate landscape, April 2024 offers a tapestry of trends and fluctuations across various residential segments. Let's delve into the numbers and dissect what they reveal about the current state of the market.
Residential Transactions
In April, residential transactions painted a diverse picture. While single-family home transactions experienced a notable decline of 33% compared to March and a substantial 39% drop compared to April 2023, condo transactions surged by an impressive 52% over March. However, they still fell short by 25% compared to April 2023. Residential lot transactions witnessed a staggering increase of 217% over March and a substantial 36% rise compared to April 2023. Conversely, luxury home transactions experienced a significant downturn, plummeting by 60% compared to March 2024 and a substantial 43% decrease compared to March 2023.
Days on Market
The average days on market varied across different residential categories. Single-family homes lingered on the market for an average of 334 days, marking a notable 20% increase from March. Condos had an average of 213 days on the market, reflecting a 13% increase from March but a remarkable 27% improvement compared to the 2023 average. Residential lots moved swiftly, with an average of 253 days on the market, showcasing a 12% improvement from March and a notable 17% faster pace compared to the 2023 average. However, luxury homes faced challenges, with an average of 433 days on the market, representing a significant 31% increase compared to March 2024.
Inventory
In terms of inventory, there were both increases and decreases. Overall inventory saw a modest uptick, with a 2% increase over March and a substantial 21% surge compared to the 2023 average. This indicates a healthy supply of properties in the market.
Average Sold Prices
The average sold prices also exhibited a mixed bag of trends. While the average single-family home sold price rose to $904k, marking a 9% increase from March, it fell by 6% compared to the 2023 average. Conversely, luxury homes saw a significant boost in their average sold price, reaching $1.78M, reflecting an impressive 18% increase from March, although it lagged by 10% compared to the 2023 average.
In conclusion, April 2024 delineates a dynamic real estate market in Costa Rica, characterized by shifting transaction volumes, varying days on market, fluctuating inventory levels, and diverse pricing trends across different residential segments. These insights provide valuable perspectives for buyers, sellers, and investors navigating the ever-evolving landscape of Costa Rica's real estate sector.