I’ve been out of Vallarta for the past couple of months so out of touch with how the market has been doing. With the contact I have had with realtors the impression I got is that they are busy, but that busyness is actually turning into a lot of sales. They have to show a lot of homes before a sale transpires (up three times over a few years ago) and buyers are still fidgety. Most are learning to adapt to a very different marketplace than what they experiences a few years ago.
I expect to be posting a lot more on my return in September.
I did read something interesting from CNBC recently, regarding the size of homes Americans think is ideal. This seems to be dropping for the first time in a long time. This is relevant to the PV market as Americans are the principal buyers of vacation/second homes. So what they are looking for back home will be or should be reflected in Vallarta’s marketplace.
Well, this may be a little misleading. Probably the 9% that wants a home greater than 3200 f2 are the only 9% of American that can afford a larger home!
This graph shows that for the first time what Americans feel is the ideal home size is going down, and it seems to be still going down, currently back to the level of the 1990s.
2/3s of Americans believe the ideal home size to be between 1,400 to 2,600 f2.
What’s all this mean? American vacation/second homebuyers will be looking most likely for smaller homes/condos in Vallarta and developers should take this into consideration for any new construction they may be considering.