We are just about to finish up the year and what a good year it has been for the Puerto Vallarta real estate market compared to the last five years we have just gone through after the world wide economic crisis that hit Mexico in January of 2009. It has been a very slow recovery but I think that most real estate professionals in the Bay of Banderas all agree that we are definitely in recovery mode and headed in the right direction.
I am going to use condominium sales and house sales as a year over year comparison, just to help point out a few of the changes we are experiencing and take a look at where this may lead us as we enter 2015.
Interesting facts based on data from December 29, 2014 MLS statistics;
- Condominiums Under Contract 2013, 179
- Condominiums Under Contract 2014, 309. That is a 72% increase.
- Condominiums Sold 2013, 179
- Condominiums Sold 2014, 273. That is a 52% increase.
- Sales Volume 2013 in Condominium Sales $49,687,702
- Sales Volume 2014 in Condominium Sales $84,701.291. That is a 70% increase.
- Average Condominium Sales Price 2013, $277,585.
- Average Condominium Sales Price 2014, $310,261. That is an 11% increase.
- Houses Under Contract 2013, 262
- Houses Under Contract 2014, 400. That is a 53% increase.
- Houses Sold 2013, 256
- Houses Sold 2014, 355. That is a 39% increase.
- Sales Volume 2013 in House Sales $90,110,040.
- Sales Volume 2014 in House Sales $125,128,241. That is a 39% increase.
- Average House Sales Price 2013, $351,992.
- Average House Sales Price 2014, $352,474. This represents no change in pricing.
Although this news is very exciting for homeowners we still have a way to go before full recovery so this is a great time for Buyers to get in the game before those Average Sales prices start to climb back up which you can see is starting to happen in a healthy way.
Here is a complete chart with the data from the AMPI MLS system with additional information;
As the market heats up I can see new construction condominiums doing very well in 2015 as many homebuyers are looking for shiny and new with warranties and modern amenities. Since pre-construction sales have potential risks I strongly suggest that buyers seek our help in maneuvering through the pre-construction buying process with the least amount of risk and the most security.
We here at Timothy Real Estate Group wish you all a very Happy New