Recapping Vallarta-Nayarit Real Estate Trends 2017-2022 John Youden - MLS Vallarta
go to original February 2, 2022

There's no question about it, Puerto Vallarta and Riviera Nayarit just finished up 2021 with a banner year, up more than 60% over the previous year. Sure, 2020 was hampered by COVID, but it was still a pretty decent year. Whatever was lost in 2020 because of COVID, as the chart below shows, was more than made up for in 2021, which outperformed even the trend line.

This shows the gross volume of sales for the Puerto Vallarta/Riviera Nayarit region: MLSVallarta, along with the assistance of a few FLEX MLS members, compiled the following data and charts regarding real estate sales for the Puerto Vallarta and Riviera Nayarit. The two regions, encompassing two different states and therefore with separate marketing and branding, are looked upon by the local real estate associations as one destination. Traditionally Puerto Vallarta has been the larger market with 70% of all sales in 2017. But that continued to drop to where it was responsible for just 63% of all sales in 2021.

With regards to sales volume, it has gone up by nearly 230%, from just under $400 million in 2017 to $615 million in 2021. Note: although the peso is the national currency of Mexico, the majority real estate here has been priced and sold in US dollars for quite some time. And as the market activity has increased, inventory levels have tried to keep up with numerous new projects in development, but currently demand is stronger than supply. Because of this the spread between listing price and selling price has narrowed. In 2017 the difference was 10%, but in 2021 in was down to 7%.

And as demand supersedes supply, prices go up. Today there are less properties available under $100,000 with the hottest range between $250-$500,000. But it is still a relatively inexpensive real estate tourism destination with 85% of sales under $500,000, and it has basically remained that way since 2017. If we focus just on condominiums (which make up about 85% of the market), the average condo has gone up 25% over this period of time, as shown in the graph below. And if we limit our analysis to just two-bedroom condominiums (which make up about 50% of the sold inventory), they have gone up just over 20%. Read the rest at MLS Vallarta

Related: Top Tips Before Decorating Your New Condo in Puerto Vallarta (Nima Bay)

Related: Mexico Economy Grew 5% in 2021, but Ended in Recession (AFP)

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