Condominiums
Total sold new and resale were a value of USD 431,248,048.
This was 73% of sales volume for 2022 with average sales price per condo up 17% higher to USD 415,8621.
Houses
Total sold new and resale were a value of USD 155,595,848.
This was also 73% of sales volume for 2022 with an average sales price per home 17% higher at USD 589,378.
Land
Total tracts of land and lots sold were a value of USD 23,647,649.
This was 66% of sales volume for 2022 with average sales price per sale down 21% to USD 417,757.
Grand total was a sales volume of all three USD 611,491,545.
This was 72% OF 2022 with an average sales volume up 16% to USD 449,626,000.
Prices are up per sale, but we were selling fewer units. Condo sales were 1037 in 2023 and 1,686 sold in 2022. Hotel Zone and Centro South had the most sales.
Houses were selling down 38% from 2022 with top selling areas Bucerias, Nuevo Vallarta West and Southshore, 427 houses sold in 2022 and 264 in 2023.
Land sales went from 70 units sold to 59 in 2023. Strongest areas were San Pancho, Costa Banderas and Southshore.
2024 will be a very important year with much going on in North America. The USA and Mexico vote for presidents. Weather changes continue to influence migrations of tourists and sun seekers.
Currency is now a big topic with the US dollar weaker against the Mexican peso. Properties are offered for sale in both currencies. The fact that it is taking more US dollars to equal some of the peso priced properties, brings times when the sale does not complete because the buyer does not have enough dollars to buy the pesos, he is short.
We will see continued adjustments through 2024.
This article is based upon legal opinions, current practices, and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review.
