Market Report Q1 2024 by Los Cabos Sotheby's International Realty

MARKET REPORT

Q1 2024 VS. Q1 2023

Cabo San Lucas

Cabo Corridor

San Jose Corridor

San Jose del Cabo Pacific

La Paz East Cape

A View From Los Cabos

Introducing the Q1 2024 market report, presented by Los Cabos Sotheby’s International Realty. Los Cabos and its surrounding regions remain an irresistible destination for those seeking an elegant and tranquil seaside escape. The Baja way of life enthralls nearly everyone, leading many discerning travelers who have experienced its charm to consider acquiring their own property. Whether you are looking for a secondary residence, a primary home, or an investment opportunity in the real estate market, Los Cabos can fulfill all your expectations. Real estate in Los Cabos and South Baja maintains its reputation as a secure investment and a wise lifestyle choice. Buyers and sellers consistently express their satisfaction, affirming that partnering with Los Cabos Sotheby’s International Realty stands among their best decisions.

According to the 2024 Luxury Outlook Report, the story of 2023 was about the postpandemic real estate market adjusting to slightly higher inventory levels and ever-increasing interest rates—a bit of a market reset. The demand was there if the frenzy wasn’t.

We may not be seeing as many bidding wars, but standout properties in desirable areas still tend to sell, and at a premium, too. According to Philip A. White Jr., President and CEO of Sotheby’s International Realty, the high-end leads us out of an economic downturn,

and that’s what we see now. We’ll see it continuing into the new year.

The data presented in the following pages indicates that Los Cabos and South Baja are slowly transitioning into a buyer’s market. In most asset categories, inventory is rebounding from the tighter levels of the previous two years, and with a few exceptions, the average days on the market for properties in the region remain the same. That said, the ratio of sold to original price remains steady, hovering around 100% for most property types, suggesting that buyers do not have significant negotiation leverage yet.

Notably, the median sold prices of houses and condos in almost all the zones featured in this report have risen from pre-pandemic levels – La Paz and the Pacific have demonstrated remarkably strong appreciation.

In these competitive circumstances, having the assistance of top real estate advisors in the area with international connections to the Sotheby’s network is crucial. This provides you with the opportunity ahead of others. At Los Cabos Sotheby’s International Realty, we offer a team of dynamic professionals, streamlined real estate services, and a trusted brand identity. Reach out to us at www.loscabossir.com for expert real estate guidance.

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+52 (624) 172.6555 | +52 (624) 143.1588 info@sirloscabos.com | www.loscabossir.com