MARKET ANALYSIS
As you would expect, there was a very significant drop in home sales in April. However, the fact that 3 transactions did indeed close is encouraging! These people had deals in process and were confident enough to see them through to completion. There will always be determined people who will make their dreams of a home in paradise come true!
The 70% "drop" in average sales price may appear ominous, but it's really not. You just can't get a good trend of average sales prices with only 3 home sales, so don't let it scare you. Just as in the US, the real estate community here is not expecting a huge drop in home prices. We may see a minor reduction but expect a quick and healthy rebound to pre-COVID numbers by the end of the year.
In other words, we are confident that it's still safe and sensible to invest in Puerto Peñasco at this time. Please know that we mean this sincerely. If we believed the Rocky Point market was heading into a storm, we would share that information.
Our greatest value to you is that we will always have your best interests at heart!
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