MLS Vallarta, the real estate Multiple Listing Service founded in 1988, recently presented its annual report, which concentrates the results that its members obtained during 2022. Below are some of the highlights:
2022 turned out to be another exceptional year for the local real estate industry, performing slighting ahead of 2021. While the number of sales was nearly 1,650; the period from April to June 2022 saw the highest sales volume, with just over 200 million USD.
Although the last few months of 2022 saw a considerable drop in sales, this phenomenon does not seem to be due to a lack of demand, but rather it is a supply problem: “There just aren’t as many people interested in selling as there are people wanting to buy. In addition, new product development is having a hard time keeping up. Whenever inventory becomes scarce, it usually leads to a considerable difference between the listing or asking price, and the eventual agreed-upon sales price. Back in 2017, the spread was nearly ten percent. In 2022 it was less than five percent,” the report explains.
Finally, two-bedroom condos are the favorite unit type for buyers, holding 55 percent of the market. Currently, the average price for this type of apartment is 346,000 USD.
These results were generated with information provided by members of MLS Vallarta and FLEXMLS, the two multiple listing systems operating in Vallarta · Nayarit.