The Puerto Vallarta real estate market for the first 3 quarters of 2015 shows signs of a slight but healthy growth in the number of sales and the price adjustments that had to take place in order to generate those sales. Across the board sales volume is up, and albeit modest the average sales price is up as well. Condominiums have done better than houses but the growth over last year is great.
Timothy Real Estate Group remains the dominant force in the Puerto Vallarta – Riviera Nayarit market with more than double the sales volume of the number two agency in the bay.
Condominiums have seen an increase in sales volume in the bay while the average sales price for a condominium has gone down by -8%. The increase in sales is most likely the result of sellers getting more realistic about market values.
The number of condominiums that have sold have gone up 11% over last year and the percentage of list price has gone down by -1%. Both factors are good news for the market.
Houses have not faired as well this year. Sales volume for sold houses has gone down -14% and average sales prices for houses has gone down by -15%.
The number of sold houses has basically remained the same and the sales price percentage of list price has gone down by -3% to 89% of asking
New listings in 2015 have gone down by -17.5% which is a great sign that inventory is reducing and sold listings have gone up by 16.7% which is also a positive sign in the market.
Puerto Vallarta has a number of exciting new projects that are in their design stages for the Romantic Zone and Amapas areas as well as South Shore waterfront developments. Construction is going strong in Riviera Nayarit in many areas with new 5 Star Hotels in the planning stages as well. Generally speaking developers are looking to create residential products that meet the needs of foreign investors with exciting smaller, more affordable products. It is a great time to invest in the Riviera Nayarit and Puerto Vallarta markets before appreciation really starts to take off which can make some of the newer pre-construction projects and current re-sell inventory very attractive for the upcoming 2016 season.
With any questions about the market or help in finding or selling your home, please contact a Timothy Real Estate Group representative.
All statistics taken from Puerto Vallarta – Riviera Nayarit Multiple Listing Service
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