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We are thrilled to share some exciting news in Costa Rica real estate. In this post, we'll delve into the highlights of our November marketing report, revealing the thriving landscape of the residential real estate market in Costa Rica.
November 2023 Overview
Last month brought promising developments as the Costa Rica residential market continued its upward trajectory. Let's explore the key findings that vividly depict the market's growth.
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Impressive Price Surge and Increased Inventory:
- The average home price experienced a remarkable 44% increase.
- The inventory of homes rose by a solid 1.2%.
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Robust Transaction Activity:
- Home transactions soared, marking an impressive 52.9% increase.
- Interestingly, sales of condos held steady compared to the previous month.
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Luxury Homes Take Center Stage:
- Luxury homes witnessed a noteworthy uptick in inventory, rising by 4.6%.
- The average time on the market for luxury homes was 220 days.
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Market Dynamics:
- Single-family homes spent an average of 130 days on the market.
- Condos took an average of 210 days to secure a buyer.
Analyzing the Trends
The substantial surge in average home prices and transactions signifies a buoyant market, indicating a robust demand for residential properties in Costa Rica. Moreover, the increase in inventory for homes, including luxury properties, is a positive indicator for potential buyers. The balance of supply and demand suggests favorable conditions for those looking to make a move in the market.
Understanding the Condo Segment
While the sales of condos remained unchanged in October, this apparent plateau might be attributed to a shifting preference toward larger, more spacious homes. It's a trend worth monitoring as the real estate landscape evolves.
Conclusion
As we wrap up our November update, it's evident that Costa Rica's residential market is thriving. The surge in home prices, coupled with increased transactions and inventory, sets the stage for a promising period ahead. Whether you're a buyer, seller, or intrigued by real estate trends, keep an eye on Costa Rica as it continues to shine in residential property. We wish you all a prosperous New Year!
To learn more about our selection of Costa Rica homes, contact us. For even more homes throughout Costa Rica visit www.coldwellbankercostarica.com