FLEXMLS REPORTING BY AMPI AGENTS
COMPOSTELA, NAYARIT AND VALLARTA CHAPTERS
As of July 2, 2018, we have reported sales volume of $187,870,965 usd, up 16% over last year, same time last year.
Average sales price overall has gone up 13% to $324,475 usd (average of all reported sales land, condo, single family.)
Punta Mita booked the highest land sales of $6,000,000 usd for one parcel. Second highest land sale is in Bucerias for $1,200,832 usd. Nuevo Vallarta West experienced the second highest sale volume of homes: $6,734,048 usd for 18 sales with an average price of $374,114 usd. Top sales volume is South Shore for 12,003,000 usd for 12 sales of an average of $1,000,250 usd. Condo top area reported is Centro South for $47,271,054 usd with an average sales price, up 13% to $326,007 usd.
Sales volume of $125,892,263 usd for 6% higher over last year. Number of sold units are 416 at an average sales price of $302,626 usd, 10% higher than last year. Additional top selling areas include the Hotel Zone of PV, Nuevo Vallarta West, and South shore, in no order.
House total sales are $53,246,405 usd, 34% over previous year. There were 145 sales for an average price of $359, 710 usd. Other top reporting areas are Punta Mita, Marina Vallarta, Centro North and South, Bucerias, Francisco East and West, San Pancho, Sayulita in no order.
Land sales totals were $8,732,297 usd, up 83% over year prior. There were 18 sales with an average price of $485,128 usd. First was Punta Mita, second Bucerias, and Nuevo Vallarta West had third highest price land sale.
Puerto Vallarta Real Estate
Jan 1 through July 2, 2018
Current number of active listings including all categories are 1,541 units (Fractional, Multi-Family, Business, in addition to land, condos and homes)
Total of listings sold: 595 units
- 54% are non co-op sales
- 45% are Co-op sales
Average Sold DOM (Days on Market) are 340 days
- Condo units sold; 425
- Houses 152: sold
- Land sold: 18
Supply and Demand
- Current active listings: 897
- List price volume $322, 259, 081usd
- Current number sold 2,870
- SP volume: $836,994,527 usd
- Average sales price $291,140 usd
- Current active listings 472
- List price volume $345,307,824 USD
- Current sold 916
- SP volume: $386,757,859 USD
- Average sales price $401,267 USD
- Current active listings 187
- LP volume: $128,578,756 USD
- Current sold 172
- SP volume $65,106,246 USD
- Average sales price $378,525 USD
When supply and demand are equal or the two intersect, the economy is said to be in equilibrium. At this point, supply and demand is most efficient. The amount of goods being supplied is the same as the amount of goods being demanded. We see in the stats of demand and sales of homes, an equilibrium of demand and price.
This equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded. Demand and supply curves intersect.at this point. To determine the equilibrium price, you need to figure out at what price the demand and supply curves intersected. An equilibrium price for homes here in our market indicates the $400,000 USD range.
There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher quantity of goods and services helps promote demand so there can be more selling. The stats for land sales in our market indicates there is half demand per supply, so the prices should tend to fall in order to have more demand or sales.
The stats for condos address the relationship of more demand than supply. This indicates a shortage. As long as the shortage continues, prices tend to rise. Our condo sales indicate a demand three times higher than supply. We are seeing new projects throughout the Bay coming into the market place.
Without forethought and planning, we can also go so far as to be overbuilt and demand will drop, along with price. Smart developers should gauge the market and demand so they are not the ones caught when the equilibrium changes.
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