The Lake Chapala Real Estate Market

From the Series: "Home Construction & Maintenance in Mexico"

By J. Brad Grieve, P.Eng. MBA © 2008
His Web Site

Yes, the majority of my work involves inspections of homes, however there is a large amount of consulting regarding real estate where clients need help to promote or sell their property. The rumor mill has produced some odd information lately that really needs to be addressed.

One rumor is that the overall real estate market has plummeted and sales volumes have started to drop. According to information gathered over the last couple of years, 2007 has been on average, the same as the last four years, which produced approximately 30 to 32 sales per month.

 

Another, rumor has been that there are growing inventory of houses; hence the market has slowed down. According to the listing service of the local real estate board, which includes many developers/constructors, there are just over 500 residential properties and approximately 350 lots or land parcels for sale. When I left the local real estate business over three years ago, there were approximately 750 properties (approximately 50% residential and 50% lots) for sale. Yes, inventories have increased slightly (approximately 33%). The inventory described here represents approximately 15 months of residential inventory. However back in 2004, the total inventory represented just over 18 months of inventory. What we are seeing is. . .

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