Home sales recovered in February, but the average dollar price fell nearly 5%

The total number of real estate purchase and sale deeds registered in the month of February a 11.5% increase from the level a year earlier, adding 1,738 registrations, while the total amount of transactions carried out increased by 88.6%, with 30,966 million dollars.

The average amount of the deeds was $17,817,284 ($89,637, according to the official average exchange rate): it grew by 69% in one year in pesos, and in dollars it fell by 4.8%.

In February, there were 71 deeds formalized with mortgages. So the drop in this sense is 42.7% compared to the same month last year.

As regards the evolution of the market, Jorge De Bártolo, president of the College of Buenos Aires, underlined: “The two-month period is giving us an increase of 21% compared to last year, but without failing to point out that It’s a very low write count scenario.”

Even if the first two months of the year are the ones with the least activity, February it left a month-over-month decline from January. We insist once again on the size of the credit and this month there were only 71 mortgages. That indicator clearly needs to be incentivized.

What happens in the province of Buenos Aires

Meanwhile, in the province of Buenos Aires, the number of transactions totaled 4,253 in February, which represented a year-over-year increase of 0.26% compared to the 4,242 registered in the same month of 2022, according to the College of Notaries of Buenos Aires.

In this case, compared with the previous month, there was an increase of 10.44% compared to the 3,851 transactions in January.

According to data from the institution, 575 mortgages were opened in the same period of total transactions, with a year-on-year increase of 1.95% (564 in February 2022) and 39.23% compared to January (413) .

“In the second month of the year we see few changes, which reinforce the prospects we have been analyzing for several months. The market shows small variations that They still don’t allow us to talk about consolidation”, said the president of the College of Buenos Aires, Diego Molina.

However, he stressed that “if you keep some variables that have been observed since the end of last year, there could be good prospects for this 2023even when it’s an election year and inflation is still high.”