Escrow as we know it in the US and Canada is not required in Mexico. The choice to use escrow is negotiated between buyer and seller. Using a third party to hold funds is what most Americans and Canadians believe is the proper way to purchase or sell a property. A Mexican has a different experience.
IMF (International Monetary Fund) 2018 Outlook: The Mexican economy continues to grow, mainly due to its strong economic policies, even while the fate of the country’s trade deal with North America remains unclear. Mexico would still benefit from carrying out reforms for stronger and more inclusive growth. The main areas to tackle are inequality, corruption, obstacles holding back firms’ productivity, and tax collection to allow more room for public investment.
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.
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.