San Miguel real estate continues to see a bit of a boom… at least in the volume of sales. However, prices have not increased as they have in many other cities in the US and Canada. The volume of real estate sales in 2021 surpassed the last peak of the market in mid-2018.
MARKET ACTIVITY JANUARY 2022
Jan 2022 |
|
2021 |
35 |
Total Sales |
403 |
$536,479 |
Average Sales Price |
441,712 |
5.33% |
Below Asking |
6.45% |
271 |
Avg. Days On Market |
317 |
2 |
Sales over $1,000,000 |
28 |
30 |
Sales Between $150,000 and $999,999 |
394 |
$418,923 |
Avg, Sales Price Between $150,00 and $999,999 |
$416,354 |
3 |
Sales Under $150,000 |
81 |
46 |
Total Lots Sold |
16 |
8.57% |
Percent Mexican Buyers |
31% |
26 |
Reported Under Contract |
|
8 |
Taken Off Market |
134 |
33 |
Price Reductions in Period |
338 |
4.46% |
Average Price Reduction |
8.9% |
36 |
New Listings |
667 |
$1,306,444 |
Avg New Listing Price |
$541,354 |
$649,000 |
Median Price of All Properties |
|
$524,000 |
Median Price of New Properties Listed |
|
$417,000 |
Median Sold Price |
$311,000 |
669 |
Total Resale Properties Listed Jan 27, 2022 |
|
19.11 |
Months of Inventory |
|
Observations
What Will Push the Market Upward
What Will Push the Market Down
Things to Watch!
What This Means to Buyers
It probably means that you should buy sooner rather than later. The longer a buyer waits, the more the commodity prices are going to push prices upwards, the less selection you will have as inventory gets sold off, and the more people will be competing for the same properties.
I’ll mention again this time the huge number of developments that are available on the outskirts of San Miguel and that are generally sold in pesos. Buying in most of them mean that you will probably want a car, but so far the prices have not seen drastic increases and you can still get a lot of pesos for every dollar.
What This Means to Sellers
The decreasing inventory means that sellers have a better chance of selling their properties. There is little that is pushing prices down and as more buyers are competing for the same properties it will support higher prices… or at least less negotiating regarding price.
Lilia Aguilar, a new agent who joined Realty San Miguel a year ago is now helping me with our Market Updates and you will hear more from her in 2022. In addition to helping capture the sales data, she is also helping me analyze the trends as we see them developing.
Philip Hardcastle
Lilia Aguilar