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

1st Quarter Sales & Stats

Real Estate Market Update for Banderas Bay

We ended the first quarter for sales Jan-March 2020 compared to Jan-March 2019 selling condos and homes for $60,713,767 USD. This is down 32% from 2019 same time. The average sale price was $312,958 USD, down 5% from 2019. Total units sold were 194, down 29% from 2019.

April will be a slow month, but for the first 6 days of April 2020, compared to same time 2019, we closed 7 transactions for a total of $2,010,534 USD down 59% from 2019.

Average sales price is $286,219 USD, down 11% from 2019. Sold were 5 condos and two homes. The areas with activity have been Centro South (south of the Rio Cuale) for condos, and Francisco Villa West and Sayulita for homes.

Supply and Demand as of April 6, 2020:

  1. Condos active are 1,122 units for list price volume of $444,399,929 USD
  2. Five are sold, 6 are under contract
  3. 4 are back on the market for $41,892,888 USD, and expired are 70 units for a list volume of $40,330,888 USD.
  4. Withdrawn listings are only 2 with list price volume of $738,900 USD.
  5. Houses active are 470 homes with a list volume of $351,846,267 USD.
  6. Two sold homes are a combined volume of $710,000 USD
  7. Average sales price of homes is $355,000 USD
  8. There are no homes under contract or back on market reported at this time today.
  9. Eight homes are expired at a volume of $6,963,000 USD or average list price of $870,375 USD.
  10. Two homes have been withdrawn or cancelled at an average list price of $644,450 USD

 

From Jan 2, 2020 – April 5, 2020
Condos and Homes Reported Sold – FBS MLS

Total listed condos and homes are 2,148 with 201 units sold for a total of $62,724,300 USD, down 33% from 2019. Average sales price is $312,061 USD, down 5% from last year same time.

 

Days on Market

DOM is the number of day on the market from the date the property listed for sale in the multiple listing service to the date when the seller has signed a contract for sale or is closed. DOM matters.

The National Association of Realtors in the US has recommendations to reduce DOM:

DOM in real estate is important for buyers and sellers. DOM impacts sellers more. Homes typically generate the most interest when they’re new to the market.

After the first few weeks, the phone calls, showings, and open-house visitors tend to drop. Interest lessens as buyers purchase other homes. Once all current buyers have seen your property, you are usually  limited to the population of new buyers entering the market.

Ways to Help Reduce DOM

If your home has been on the market for quite some time, you should consider taking action:

The Right Price: Going back in time, did you have the price right on day one of the listing? Has the market changed for you to realize you need to react? If you are trying to recover revery dollar you spent on your home over the years, if you aren’t realistic about the market, or you engage in a host of other common pricing mistakes, and you can risk your home not selling.

Price adjustment: There is no rule on the timing or amount of a price reduction. You have to know what is happening in your local market and how much activity you have had. If  you have not received any offers close to your asking price. you’ll need to act soon.

Cleaning and Staging: Potential buyers want to imagine themselves relaxing in their new home, not stressing over upgrades. Reducing clutter, adding color, putting thought into how the property should look and smell, is important for you as the seller to realize. 

Virtual House Tours: The process of purchasing property has largely stayed the same since the invention of the newspaper. Even the advent of the internet did little to change the experience for buyers. Ads that once appeared in newspapers and catalogues, now simply appear online.

Sellers and agents have a new tool to reach customers and make their property more visible to a greater number of potential buyers. Buyers themselves have the same experience as viewing the home, but in the comfort of their own home. We know that more than 90% of buyers use the internet to search for properties. Homebuyers can search through hundreds of online listings.

 

 

VIEWPOINT®
Puerto Vallarta Real Estate Blog published every week
read it here: https://casasandvillas.com/blog/

and in the PV Mirror:
http://pvmcitypaper.com and at newsstands throughout Puerto Vallarta

or Follow Us on Facebook:
https://www.facebook.com/cochranpvrealestate/

 

 

 

 


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

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