PV and the Bay of Banderas have always been strong home buying and selling areas in Mexico and it now appears that the Puerto Vallarta real estate market is hot again after a long slow period caused by the U.S. real estate market meltdown.
The total sales volume of homes, condos and land is US$60,842,938, which is up 51 percent from last year. Overall, prices are still declining as sales volume increases.
Let’s take a look at the market statistics by condominiums, homes and land.
We currently have 1,217 condos for sale in the area and have sold 193 this year, which is 73 percent more than the same time last year. Wow! Total sales volume is US$47,492,136 with 107 units pending.
Where do you think the hottest market is? Zona Romantica is the hottest area at the moment for condos in pre-construction. Builders are still offering 35 percent down payment and 3-to-4 payments by completion of construction. The majority of new units are one bedroom with one-and-a-half baths. Common to all are the rooftop pools and inside gyms. Minimal parking is offered at an additional price. Separate storage, if available, is an additional fee.
Condo buyers are looking for a good floor plan, concierge service, a pool and a gym. Most of all, they like to walk out to the energy and activity on the street in Zona Romantica. Here are the numbers for Zona Romantica: US$12,629,347 sold from 50 units out of a total number of 386 listings. There are also 32 more sales pending. Overall, sales are up 16 percent over last year.
The runner-up in condo sales is the South Shore, with Amapas and Lower Conchas Chinas leading the pack. Sales tallied US$11,537,432 on 33 units sold with 41 pending out of 164 listings.
Coming in third is Nayarit and specifically Nueva Vallarta West. It has come on strong with US$7,335.159 in sales, which is up 175 percent over last year with 35 more sales pending. The hot areas are Ocean Side, Paradise Village, El Tigre and Mayan Place.
Other strong areas are the Hotel Zone with sales of US$6,556,847, 103 listings and 33 units sold. The sales volume increase is 398 percent over last year. This area is primarily known as Grand Venetian-Icon. The new shopping center Isla may provide more interest in this area for both condos and homes.
Marina Vallarta increased 244 percent over last year. Total sales volume is US$3,216,900 with 12 units sold and 11 pending. Punta de Mita reports just two sales.
Condos may be selling strongly but homes sales are up by 56 percent over last year. Home sales volume of US$11,920,735 is closer to the sales volume of condos on the South Shore.
There are 670 listed homes throughout the Bay of Banderas area, down from last year. Forty-nine homes have sold and 64 are pending. Sold homes have an average sales price of US$243,280, down from an average sale price of US$336,150 last year. The current sales price is closer to the average sale of a condo this year.
First place in home sales is San Pancho with sales of US$1,897,000. Three homes have been sold and five are pending. Average sales price is US$632,333 and there are 37 listings, up three from last year.
Centro South comes in at #2 with 20 listings and six sold. Eight homes sales are pending. The average sales price is down 15 percent and is now under US$300,000.
Third best is Bucerias In Nayarit with 60 listings, 12 sold and 13 pending. Average sales price is under US$200,000, which is down 25 percent.
In fourth place, Nuevo Vallarta West has 60 listings, four sales and seven pending sales. Average sales price is up 41 percent at US$394,175.
Finally, Centro North has 39 listings, five sales and five pending sales. Sales volume is down from last year, but still good enough for fifth place. The average sales price is down 57 percent to under US$300,000. Centro North includes El Centro, Gringo Gulch, La Pechuga, Lazaro Cardenas, El Cero and the most active at this time, 5 de Diciembre.
Land is the weakest of all three categories covered, with US$1,430,067 in sales. That is 26 percent more dollars than the previous year, though. The average sales price is down 11 percent to under US$200,000.
La Cruz is first with two sales for a total sales volume of US$480,000. San Pancho is second with two sales and a sales volume of US$391,500.
This article is based upon my review of the Flex MLS statistics of the three participating AMPI members of the region. I recommend that each potential buyer or seller conduct his/her own due diligence and review.