Puerto Vallarta Real Estate Market Report for Third Quarter 2013
Well we are already into the fourth quarter of 2013 and the year has been a pleasant surprise to many of us realtors. Since Puerto Vallarta has its temperature changes throughout the year we always look at the market by seasons. High season is generally during the wintertime, and low season is in the summertime. This summer our office has not experienced a slow real estate market season. We have been busy all three of the first three quarters of 2013. Generally speaking the average sales prices have remained on the lower side when compared to US pre-recession values but we have had much more activity at the higher end of the market that has been great to see. Sellers have become more realistic with real market values and buyers understand that the market is starting to change. Here are some year over year statistics comparing January 1, 2011 through September 27, 2012 and January 1, 2012 through September 27, 2013.
There has been a 12% increase in active MLS listings
Properties that have gone under contract have increased by 146%
The number of sold properties has increased by 151%
The total MLS sales volume has increased by 145%
The average sales price has decreased by 2% to $335,187
The number of houses that sold over $1,000,000 is up by 260%
All of this shows a terrific trend toward market growth for the remainder of 2013 and into 2014. In my personal opinion I do not see values increasing by large percentages immediately but as our inventory continues to shrink we should see that happen in the future. Already we have seen some properties that have been on the market for quite some time sell this year even though the average days on market for a property is still about a year.
Some other interesting statistics to look at, especially for our buyers are;
2013’s condominium absorption rate compared to 2012 is down 28%
2013’s average condominium list price is up by 3% over 2012
2013’s condominium median list price is up 2.5%
2013’s condominium average sold price is down by 3.6%
2013’s average days a condominium is on the market is up 10% from 300 to 330 days
2013’s house absorption rate compared to 2012 is down 37%
2013’s average house list price is up by 1% over 2012
2013’s house median list price is up 7%
2013’s house average sold price is up by 109% (this has to have something to do with the higher end properties that are selling now)
2013’s average days a house is on the market is up 38% from 257 to 355 days
As you can see there are still some things to keep your eye on but the trends are showing that the market is heading in the right direction. This year our office has already surpassed our total 2012 production numbers in just the first three quarters of 2013 and we are excited about 2014 as it should be an even better year.
There are a number of new developments that are on the drawing boards for 2014 now that are getting ready for high season pre-construction sales. Most are concentrating on what the condominium market is asking for; product between $200,000 and $400,000 but there also are some new projects that will be a very affordable higher end product for buyers looking for an a little more privacy, space and luxury.
Normally appreciation occurs in the Puerto Vallarta market in the first few months of each year with the high season in full swing. Now would be the time, if you are considering a purchase, to contact a Timothy Real Estate Group professional to help you find just the right investment for inspired living.