For the second year in a row, the real estate market here in Puerto Peñasco has set a record in “Dollar Volume of Sold Listings,” shattering the previous record set in 2020 by triple the revenue.
2021 is a historic year in real estate sales with the total “Dollar Volume of Sold Listings,” hitting over $171,000,000 in inventory sold. Anyone who has been following the real estate market this year knows that inventories are down, and prices have risen significantly in its wake just in the last year.
To put 2021 in perspective, the previous year in 2020, the year that Covid changed everything, also set a record with $56,971,693. Then 2021 arrived in at over $171,000,000 meaning revenues more than tripled the record-setting performance in 2020. The year 2021 is the highest revenue grossing year on record in the history of real estate sales in Puerto Peñasco. Also, for the first time since the early 2000s, we have had back-to-back record setting years.
Another example for comparison is the year 2007. That was considered the last real estate boom year here in Puerto Peñasco before the market crash of 2008. Back in 2007, the total dollar volume of listings sold was only $28,517,479. When you put it all in perspective it shows what a great year it’s been for the city and industry.
What does this mean for Sellers?
Given the state of the current market, if you are a property owner and have ever thought about selling one day in the future then I would put your home on the market now and sell. We are currently almost at the height of the price surge and that means you will get the most money possible for the sale of your property. By delaying the sale of your property, you risk getting less money if we ever hit the peak and prices begin to deflate. My feeling is we have at least another year of price increases before prices will begin to level off. Consult your local real estate advisor who would be happy to perform a market analysis and tell you how much your property is worth.
What does this mean for Buyers?
It is obviously a seller’s market because inventories are low and that means you can expect to pay higher prices next year. If you are in the market for a lot, home or condo expect to pay full asking price. The days of throwing a seller a much lower offer under the asking price and miraculously getting it accepted are long over. If you see something you like and you want it then you must offer full asking price and your chances of getting that property are much higher. In the next year I think there will be more competition and you will see buyers over-bidding the asking price for properties to ensure they get what they want. Prices will continue to rise in 2022, with move competition on bids and less time on the market meaning make your move quick and stay nimble.
About the author: Joseph Sanchez is president of Rocky Point Home Builders a design/build contractor specializing in custom home design, construction and engineered renovations and a real estate agent with RE/MAX Legacy. He resides here in Puerto Peñasco with his wife and three children and is originally from Chicago. For more information email him at firstname.lastname@example.org
Prices will continue to rise in 2022, with move competition on bids and less time on the market meaning make your move quick and stay nimble.