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Puerto Vallarta Real Estate Update

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Puerto Vallarta Real Estate 2014

2014 was a very good year for real estate in the Bay. Mexico was hit in 2009 as part of the global economic crisis and it’s taken a long time to recover. For many of those years, Canadians were the primary buyers. Now the US buyers have returned and developers have seen bullish transactions. Real Estate professionals agree that we are experiencing an upswing in the market.

Market Snapshot (December 29th 2014 MLS Statistics)

Condos:

  • Condominiums Under Contract 2013 – 179
    • Condominiums Under Contract 2014 – 309. That is a 72% increase.
    • Condominiums Sold 2013 – 179
    • Condominiums Sold 2014 – 273. That is a 52% increase.
    • Sales Volume 2013 in Condominium Sales – $49,687,702
    • Sales Volume 2014 in Condominium Sales – $84,701.291. That is a 70% increase.
    • Average Condominium Sales Price 2013 – $277,585.
    • Average Condominium Sales Price 2014 – $310,261. That is an 11% increase.

Houses:

  • Houses Under Contract 2013 – 262
    • Houses Under Contract 2014 – 400. That is a 53% increase.
    • Houses Sold 2013 – 256
    • Houses Sold 2014 – 355. That is a 39% increase.
    • Sales Volume 2013 in House Sales – $90,110,040.
    • Sales Volume 2014 in House Sales – $125,128,241. That is a 39% increase.
    • Average House Sales Price 2013 – $351,992.
    • Average House Sales Price 2014 – $352,474. This represents no change in pricing.

As one broker said “Although this news is very exciting for homeowners we still have a way to go before full recovery, so this is a great time for Buyers to get in the game before those Average Sales prices start to climb back up, which you can see is starting to happen in a healthy way.”

New construction is on the increase and many developments that were stalled have re-energized their marketing efforts. It looks like the next couple of years will see solid and accelerated growth in the local market.

Stay tuned for a first quarter update soon!

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