After what has been a banner year of increased sales volume, we see from these stats that we slowed down the end of the year, compared to last year this time.
We have gone from 2,278 active listings to 2,100. We sold 164 units this last quarter compared to 201 in 2016. Sales volume is down 9% to $52,026,998 USD. Average sales price is up 12% to $317,238 USD over last year’s $284,478 USD.
More condos sold almost 2 to 1 compared to homes and land. The condos in Puerto Vallarta Centro South (the Romantic Zone) and South Shore have been the engine driving the train for the past several years.
This last quarter saw a drop in sales volume and number of units sold. 102 condos sold compared to 148, including these two active areas.
The two areas who have seen an uptick of sales volume and a higher average sales price are Flamingos in Nayarit and Nuevo Vallarta West.
Total sales volume for the condo quarter sales is $33,267,734 USD, down 9% from last year. Big news is the increase in average sales price from $249,243 USD to $326,154 USD. This is a 30% increase in average sales price with an average discount of 8% off listing price.
In the 4th quarter, 50 homes sold over 38 in the prior year. The areas with increased sales volume were Bucerias, Cabo Corrientes, Centro North, and La Cruz. Active listed inventory stayed about the same at 687 and sales volume was close to last year’s total: $17,571,664.00 USD. Average home sold price is down 24% to $351,433 USD from $466,555 USD last year. Discounts off listing price average 8% less than 11% discount last year. The highest average sales price this quarter is in La Cruz at $645,400 USD. Punta Mita and South Shore are about the same with $587,000 USD. Sales inside Punta Mita 4 Seasons are not being reported.
301 land units for sale up 4% from last year. Total sales volume is $1,182,500 USD. Only area up for sales volume over last year is 25% increase in San Pancho with an average sales price of $144,000 USD. Average total sales price of land sold was $98,967.00 USD.
Inventory for sale during this period was $811,850,021 USD.
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