While temperatures are rising in Puerto Vallarta, the Real Estate market is also soaring. After over 9 years of a depressed market here, this year is turning out to be a record year for real estate sales. When searching for available properties, the number available is not nearly what it was last year, especially in key areas.
Here are the market statistics from the AMPI MLS system comparing January 1 – April 30 2017 to the same period last year. These statistics are somewhat lower than reality due to the amount of pre-construction sales taking place which are not all yet reflected in these numbers.
Condo sales in terms of numbers were up 82% from 136 last year to 248 this year. In dollar volumes, the increase was 68% rising from $34.9M USD the same period last year to $58.9M USD in 2017. We are also seeing a decrease in days on market from 372 to 349 (a 6% decrease) which is another great sign of recovery. By dollar volume, the four top sales areas in order of size were Centro South, South Shore, Nuevo Vallarta West and the Hotel Zone.
House sales in terms of numbers has increased by 51% rising from 37 sold last year to 56 this year. However, most of these sales were in lower priced homes with the sales in dollar volume dropping 2% to $12.8M USD. Average sales price for homes has dropped from $354K to $229K, a 35% decrease. As percentage of selling price to list went up from 83% to 91% this year, this would suggest that the lower priced houses are selling well and not that prices are dropping.
So what do these market statistics mean for you. It is still a buyer’s market here BUT this is changing. I have actually been in a multiple offer situation 3 times this year already. So if you are thinking of buying, now maybe the time. And if you find the home of your dreams, no longer can you assume it will be here in a few months. Those days are quickly fading.
For those contemplating selling, with a decrease in inventory (especially in key areas) the time is right to get your home ready and on the market. Don’t miss this opportunity.
Warren Brander is an expert real estate agent with The Agency in Puerto Vallarta. If you are thinking about buying or selling an investment property in Puerto Vallarta or the Banderas Bay area, contact him at (322) 200-2253 or warren.brander@TheAgencyRE.com You can also check out our website for a great selection of Puerto Vallarta Condos and Homes for sale at http://www.warrenbrander.com