Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Annual Market Report: 2017 vs 2016

Puerto Vallarta / Nayarit

2017 Annual Sales Reported from Flex MLS by AMPI members (National Association of Real Estate: Nayarit & Puerto Vallarta)

Total active listing price of condos, houses, land, commercial, business, fractional, and multi-family in the Flex MLS for Year 2017 was $770,130,944 usd.  This is from 1,389 active listings in the zones of Puerto Vallarta, Riviera Nayarit, and Sierra Madre Jalisco. The average listed price of these properties was $554,450 usd.

During 2017 there were 3,427 active listings with a total dollar value of $1,617,541,015 usd. There is an unknown percentage of sales not reported, nor listed outside of our Flex reporting.  We are not sure how large this inventory is or how much monetary value. We are reporting as a private organization, and are not including government figures and such programs as Infonavit sales.

At the end of 2017 we had sold 880 listings with a total inventory of $262,110,042 usd, up 36% over 2016 sales of 671 listings with a total of $193,015,316 usd. The average sales price in 2017 of all the inventory sold has gone up 4% to $298,871 usd as compared to the average sales price in 2016 of $287,653 usd.  We sold 16.2% of our total inventory in 2017.

The message here is that we are selling properties at an average sales price 54% of the average listed price. This indicates the continuation of a buyer’s market. Can we sell more if we are closer to prices properties are selling? Why are listed prices so much higher than actual sales prices?

 

CONDOS

625 condos sold in 2017, UP 36% over previous year.  Total sales were $173,196,021 usd.  Average condo sales price was $277,144 usd. Discounts averaged 7%. Almost all areas of the bay are very active with condo sales, and prices vary depending on the area.  A buyer can buy under $100,000 usd to over a million usd, depending on the community or town.

HOMES

230 homes were sold in 2017. Total sales were $72,446,157 usd. Average sales price was $364,051 usd, DOWN 2% from the year prior.  Average discount was 8%. Most communities in the Flex system are reporting sales. Prices range from under $100,000 usd to $3,275,000 usd.  Punta Mita under-reports sales.

LAND

39 land sales were reported in 2017. Total sales were $14,046,449 usd. Average sales price was $312,143 usd with a 6% average discount of list price. Fewer communities report land sales.  La Cruz, Nuevo Vallarta West, San Pancho, Sayulita, and South Shore are the most active.

COMMERCIAL & OTHER

Most activity is reported in North and South Centro, Puerto Vallarta. Fractional and Business and Multi-Family stats are very few.

Of interest is the Sold DOM (Days on the Market) by area: Puerto Vallarta in 2017 was 371.  Rivera Nayarit was 456, and Sierra Madre Jalisco 590.

Pending sales were 1,013 the end of 2017.  877 units sold compared to 792 units expired.  So nearly half sell, half do not.

 

 


This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.

Harriet Murray

harriet@casasandvillas.com

ADD YOUR COMMENT:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.