Real estate sales in the Puerto Vallarta and Riviera Nayarit regions started off very strong in the first quarter, with nearly $110 million in sales reported to the MLS. That’s a third of all the sales reported in 2020 and on track to equal that reported in 2019, suggesting the real estate market is in fully recovery mode. The areas that saw the most sales were the South Shore and downtown Central South, or basically everything south of the Cuale River, which accounted for one-third of all sales in Puerto Vallarta and Riviera Nayarit, except for Punta de Mita.
With regards to Punta de Mita, the region encompassing the northern point of Banderas Bay in Nayarit, sales traditionally have not been reported within the local multiple listing services. But our findings at MLSVallarta found that sales in the first quarter of this year in this one small region totaled $80 million, equaling nearly 75% of all reported Vallarta/Nayarit MLS sales. These numbers show that these are two very different markets. The Vallarta/Nayarit market is dominated by condominium sales where the average sales price last year was $340,000. Whereas in Punta de Mita expensive estate homes are sold and few condominiums are available for under $1 million, especially inside the gates of the residential development of Punta Mita. The average sales price for a property in Punta Mita in the first quarter was $2,250,000, or 6.5 times the average condo sales price reported around the rest of Banderas Bay.