The Puerto Vallarta/Riviera Nayarit region had one of its best sales quarters between April and July of this year, perhaps its best ever.
The number of sales reported to the Multiple Listing Service (MLS) in the second quarter increased by 50% over the first quarter. After just six months, it has reached 75% of its total sales in 2020, and 65% of 2019 sales.
The sales volume this year so far is $270 million USD, compared with $336 million for all of 2020. In other words, sales volume so far this year equals over 80% of the total for last year.
In 2019, 23% of all sales took place on the south side of downtown Vallarta, primarily involving the sales of condominiums built behind the beach in the downtown core. Next was the Hotel Zone, with a 21% market share. In 2020, the south side increased its market share to 27%, followed by Nueva Vallarta/Flamingos with 17%.
In the first half of this year, the south side again led, with 18% market share, but tied with the South Shore of the bay (everything south of the downtown south side, primarily areas such as Amapas, Conchas Chinas, Garza Blanca, and Sierra del Mar) in the first quarter, while in the second quarter, Nuevo Vallarta came in second with 12% of market share.
Interestingly, the area around Pitallal (including Versalles and Fluvial) also had a strong market share, with close to 12%. Versalles has a number of new lower-end-priced projects on the market, and Fluvial has been selling quite a few residential lots lately. The average sales price here is half what it is in most other popular regions, such as the downtown area, the Hotel Zone, and Marina Vallarta.
The average sales price for both homes and condos was $336,000 USD in 2020, whereas it was $376,000 so far this year – an 11% increase over last year.