Since 2003, prices for homes and condominiums for the Vallarta real estate market have risen steadily, nearly doubling in the past five years. In 2003 the average condominium was priced at US$196,000 according to Multi-List Vallarta, the MLS service for the regional real estate associations. In 2007, the average condominium price had risen to US$351,000. Condos – Average Sales Price
For homes the increase has been even greater. The average home was priced at $256,000, whereas in 2007 that had increased to $693,000, over a period of just five years. Homes – Average Sales Price
Because of the lack of sales prices on properties going back to 2003 (sales have only been reported consistently by board members since 2005), we have used the “list” price of properties. Using the actual “sold” price for 2007, the average condominium sold for US$338,000, which is only 4% off the list price. The average “sold” price for a house in 2007 was US$631,000, which is about 9% less than the listing price. And the average spread for all properties in 2007 was 7%, up from 3.1% in 2006 and 4.6% in 2005.