CONDOMINUMS continue to be the most popular real estate product, as far as FBS MLS stats go. Our reports can show us prior year comparisons to show us in relation to last year or other years, how have we done so far, this first half of 2019.
Emiliano Zapata Most Popular Area
Again, the highest US dollar volume of sales is Zona Romantica, or Emiliano Zapata, on the south side of the Rio Cuale. Estimates indicate there are another 500 preconstruction units approved, in addition to what we see already being built.
Questions arise about the ability and focus of the builders and the city to plan ahead and provide infrastructure sufficient to accommodate all of the area, and to not negatively affect current older and newer construction already in place.
Can CFE, Seapal and internet access be sufficiently provided so as not to have ¨black or brown outs. ¨ Will water drain into engineered pipes and systems and taken into the proper drain off area, while not polluting the ocean or rivers?
Can a builder receive a permit from the city and the promise from the notary, that the property can be issued an escritura without verifying any water available to the property? Does this situation mean the city will accept the documents at closing to register the property in the public records?
Without water to the site, does this mean the builder has to create his own sewer system and black water, or he has to use a septic system which does not pollute or seep into the exiting water system provided to other properties?
Potable or bathing water can be bought in by paying for pipas, truck which bring in huge amounts of water for the cisterns of the properties. What happens if more properties are built with no water available from Seapal, and the companies who provide potable water have a lock or permissions as providers and they are able to jack the prices up?
Zona Romantica is Top Condo Sales Area
66% of all sales in the first half of 2019 are condo sales; pre-construction, new and resale combined.
373 units were reported SOLD for a total USD volume of $121,953,863 USD.
Other top sales areas for this same period include the Hotel Zone, South Shore, and Nuevo Vallarta West.
What about Homes, Casas and Villas?
HOMES have continued to be the second most popular seller in the Bay. In years past, there were more buyers for individual homes, but tastes have changed over time, as well as buyer profiles changing to more mobile, younger population able to buy a second home as a condo, therefore reducing the pool of single home buyers.
South Shore Leads Homes Sales
Homes on the South Shore have been the leader in sales this first half of 2019, with 107 homes sold.
Second in reporting is Punta de Mita, which is very much appreciated. For a long time, reporting has been minimum from our fellow agents in the Bay.
We know Punta de Mita will have the majority of high-end properties which are inside gated communities and the 1,200 acre ¨Four Seasons¨ development which includes condos, homes and lots for sale.
Nuevo Vallarta is third with the biggest increase in average sales price to $502,238 USD.
Vallarta Marina is third in sales volume totals, and San Pancho has been selling enough to have an appreciation with an average sales price: $828,083 USD.
Homes account for 30% of sales volume for this first half of 2019.
Vacant Land and Lots
LAND is always behind our two top property types, but we know huge commercial sales of large tracts are not reported in our FBS MLS system.
Land is 4% of our total sales at this point. Stars are Punta de Mita with $2,700,000 USD sale.
Second is the South Shore of Vallarta, with a tract costing $2,573,000 USD.
We have categories of mixed use, commercial, fractional, multi family, business traspasos, but at this time the stats are very skimpy.
Sales Volume Down, Average Sales Price Up
As of July 1, 2019, we had 2,488 properties of all types for sale.
We sold 503 units with a sales volume of $184,554,484 USD. This is 9% LESS than the same time period in 2018.
Average sales price for all three property types was $366,908 USD, up 17%.
So, we are seeing a slow, but steading increase in average sales prices, in most areas.
If you would like a report showing more stats for individual areas, please send a request to firstname.lastname@example.org, with subject line ¨First Half 2019 Stats¨.
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