by John Youden - January 27, 2019
The Timothy Real Estate Group released its third quarter real estate report recently which contains interesting MLS statistics. Overall it shows that the real estate industry in Puerto Vallarta and Riviera Nayarit is very active and will most certainly surpass 2017, which also was an excellent year. Developer “New” sales continued to dominate the market, with downtown Vallarta seeing most of the action, as it has for the past few years now.
Timothy reports that as of October 1st there were 657 condominium and 215 home sales, for a total of 873. That's exceptionally good as in 2017 there was only a total of 908 sales for the whole year - meaning that 3/4 of the way through this year the market has nearly already reached what it took all of last year to accomplish.
Volume for both condo and homes sales came in at $273 million, which is actually more than total volume for the full year of 2017, which came in at $269 million.
The average price for a condominium so far this year is $290,000, which is about the same as last year.
The most popular region, with regards to the number of sales that have taken place, remains the Emiliano Zapata area in downtown Puerto Vallarta, which accounted for nearly one third of all condominium sales. The next most popular region was the Hotel Zone, followed by the South Shore. For homes the most popular region was Nuevo Vallarta, followed by Bucerias.
When considering sales volume, however, for both homes and condominiums, the South Shore, followed by Nuevo Vallarta and then Punta Mita, come out on top.
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