Statistics recently released by Multi-List Vallarta, which is the MLS system for the Vallarta and Riviera Nayarit region with 78 member offices, show that the local real estate market continues to move along, at a pace greater than last year, but with no significant growth movement. To put it in perspective, however, 2009 was on of the worst years for the market in quite some time. Although the market has improved, and this has been substantiated by members who report more activity, it is considerably below what was experienced in previous years.
The median average sales price for condos in August was $360,000 with an average of $326,000 for the year. In comparison, the average sales price was $356,000 in 2009 and $330,000 in 2008. Sales prices have dropped back to about 2008 prices, not that far considering what has taken place in other markets.
Prices can certainly vary by location and situation. Unfortunately not enough real estate offices are not reporting their sales to give a more precise breakdown by region.
The number of listings in the MLS has remained relatively consistent with 1,000 listings. An addition 875 listings appear in its sister MLS system, Multi-Dev Vallarta, which is strictly for new real estate developments. So there are currently just under 2,000 properties for sale in the region through the MLS.
Although on average 90 new properties are added to the system, only about 15 sales are reported sold. The rest either expire or are just not reported. It is difficult to get a clear answer from realtors or the real estate association as to what exactly the reason is.
What is significant is the number of days on the market before a sale takes place. The average for this year so far is 310 days. That’s a long time to wait before your home sells. Looks like prices need to fall farther to create enough activity for homes to sell faster. If you are a currently a home seller, make sure you price it right or you could be waiting quite some time.
Sales prices per square meter have been averaging quite consistently as well with $1,160 for homes and $1,870 for condominiums.