Here’s some stats I recently compiled from Multi-List Vallarta, comparing 2007 YTD to what has happened so far in 2008.
Please keep in mind that these are based on the “re-sale” sales of the MLS service and do not reflect what may be taking place with new products with developments. As well, keep in mind that this only includes sales that are “reported”. There are still some offices that do not report their sales (although very few), and we are not sure if offices are reporting 100% of their sales.
Gross volume for sales is off 20% compared to last year same time.
Number of sales is off 6%.
The average sales price was $387,000 in 2008, while it was $375,000 in 2007, so average sales prices actually went up.
The median sales price (take all prices from low to high and select the number in the middle) was $280,000 so far in 2008, while it was $250,000 in 2007.
So why is volume down but average price up?
The big drop in sales has been in the high end of the market.
So far in 2008 there have been only eight sales of $1 million and just one over $2 million. In 2007 there were 13 sales of $1 million with four of those over $2 million.
The big surprise was the average difference between list price and actual selling price. In 2007 this was 8.5% (traditionally high). But in 2008, so far this year, it has been only 6.6%, which is close to our running average in the market. This is positive news for the market, there don’t seem to be a lot of distress sales taking place to date.