In a nutshell, as of June 16, 2024, MLS Flex shows reported sales that we are down 30% in units sold from 2023, down in sales volume by 16 %. The average sales price per condo is up by 20%.
These are not bad numbers for the year so far. We have had very good sales years starting with 2020, and markets have been good up to now.
We have gotten through a new federal government election with the same party winning, so expectations are that the policies of this administration will continue.
The history of government in Puerto Vallarta and the surrounding area has seen the local political party usually different than the national party in Mexico City. This past term, however, we had the same party government here as the national. The recent election has seen our city going back to a prior party, and the mayor comes from a long-established family in the city.
We see continued projects of infrastructure everywhere. The pace is slow, but it is vital for the continued work for utility availabilities and streets to accommodate the continued growth of all communities.
We all need water, sewage treatment, electricity, and the internet. We all need the streets kept up and intelligent management of traffic flow, as well as streets that do not flood. Vallarta continues to receive tourists and buyers of our real estate. Most buyers come from North America – Mexico, Canada, and the USA.
Since we are popular or unpopular because of politics in Canada, USA, and Mexico. For Canada, the currency difference is a major influence. The Canadian love of the warm weather has not reduced the demand for permanent or temporary lodging in this important market.
In the USA., interest rates affect the ability of Americans to buy second homes outside their borders. The weakness of the US Dollar has changed the dynamics if a seller requires Mexican pesos for a purchase price.
Another event that will affect us positively or negatively as far as real estate sales and rentals is the election for the next 4 years of the USA President. November 5, 2024, is a critical date for North Americans and the world.
If you would like more information on how active specific communities or areas in sales are or sales in general, please send a request.
We are using real-time reports drawn from the sales reported by the Flex MLS for the AMPI Chapters in Compostela, Nayarit, and Jalisco.
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.
