Los Cabos Residential Market Report: All numbers are compared to the same period of 2019. This report represents the total number of Condominiums and Houses from Cabo San Lucas (Pedregal) to San Jose del Cabo (Puerto Los Cabos).
Presidential elections in the United State of America have always affected real estate sales here in Cabo as many clients hold off making larger investment decisions until the results of the election have been determined. This factor, combined with the pandemic, has been a challenge here in Los Cabos as in the rest of the world. Spring and summer activity has been slower than other years’ activity but we have seen an increase in tours, especially clients from mainland Mexico looking to move out of the larger and more populated cities. We have also noticed an increase in clients from the United States looking at real estate here in the area.
Recently, we have only seen a small percentage of people interested in buying real estate in our area due to travel restrictions and people afraid of getting on airplanes but once clients feel more comfortable traveling again, we will see more potential buyers for our different neighborhoods.
I do anticipate a good season ahead of us. I’m convinced that people are looking to move into areas with smaller towns and warmer climates allowing them to spend more time outside. Good internet connections allowing people to work from home won’t be a problem in Los Cabos as most of Los Cabos has fiber-optic technology.
Here is an overview of our residential real estate market year to date:
Overall, we have seen an 84% increase in new listings for condominiums and houses.
Numbers of accepted offers have increased by two units from 425 to 427 this year.
The numbers of closed transaction decreased 30% to 296.
The total sales volume has decreased 29% to $174,804,581 USD year to date.
The average sales price has increased 1% to $587,000 USD.
Many closings are still in the process having been pushed back due to the lock-down. I am confident that by the end of the year we will be able to get these transactions closed.
If you would like to get an update on a specific area of interest, please feel free to reach out to me.