End Of Q3, 2024 Market Snapshot
Los Cabos, Mexico
VILLA MARISAL, PEDREGAL
Los Cabos Real Estate Market Report
Single-Family Homes, Q3 2024 vs Q3 2023
New Listings
Median Listing Price
Median Listing Price per AC sq.ft.
Sold Listings
Median Sold Price
Median Sold Price per AC sq.ft.
Avg Sold to List Price
Avg Days on the Market
LUXURY HOMES ($2M+)
New Listings
Median Listing Price
Median Listing Price per AC sq.ft.
Sold Listings
Median Sold Price
Median Sold Price per AC sq.ft.
Avg Sold to List Price
Avg Days on the Market
OBSERVATIONS
• A significant increase in NEW LISTINGS of 63.1% for the general market and nearly 70% for the luxury sector is an indication that more sellers are entering the market
• Despite an increase in listings, MEDIAN LISTING PRICES continue to rise—up 8.4% for the general market and 1.4% for the luxury sector. This suggests that sellers are optimistic and confident in the market’s resilience
• A slight decline in SOLD LISTINGS of -8% for the general market; however, a phenomenal increase of +100% for the luxury sector indicates a substantial increase in demand for higher-priced properties
• An increase in MEDIAN SOLD PRICE of +106.7% for the general market, and an increase of 24.6% for the luxury sector. This could indicate that buyers are willing to spend more and are favoring higher-priced properties compared to the previous year
• A considerable increase in MEDIAN SOLD PRICE PER AC SQ.FT for the general market of 37% and a slight increase for the luxury sector of 3.6%. Notably, nearly half of the houses sold in Q3 of 2024 were priced above $2M USD, suggesting that buyers are willing to invest more in premium properties that offer greater value per acre square foot
• A notable trend in 2024 is a “price reduction” across many properties. Additionally, the average sold-tolist price has seen a substantial drop—down -6.1% in the general market and -3.2% in the luxury sector. This indicates that some sellers are increasingly open to adjusting their asking prices and are more receptive to negotiation, suggesting a shift in market dynamics as buyers gain more leverage
Median
Median
Avg
Los Cabos Real Estate Market Report Condominiums,
Q3 2024 vs Q3 2023
OBSERVATIONS
• A slight decrease in NEW LISTINGS —down -3.1% in the general market and -16% in the luxury sector— indicates fewer sellers and fewer new developments are entering the market
• MEDIAN LISTING PRICES have declined slightly by -6.9% in the general market but surged by 66.8% in the luxury sector. This shift suggests that sellers, especially in the sub-$1M USD range, are setting more realistic price expectations, while high-end listings are experiencing strong upward pressure, possibly due to unique demand factors within the luxury segment
• A substantial decrease in SOLD LISTINGS of - 32.7% for the general market and -47.1% for the luxury sector suggests a significant drop in buyer demand. This could be due to various factors including political unrest, global economy conditions and elections around the world
• A decrease in MEDIAN SOLD PRICES of -11.0% in the general market, contrasted with a 6.4% increase in the luxury sector, indicates that buyers are increasingly targeting properties at lower price points compared to last year. This trend suggests that sellers in the general market are more open to negotiation, while the luxury sector continues to experience growth and demand
• A slight decrease in AVERAGE SOLD-TO-LIST PRICE —down -2% in the general market and -1.1% in the luxury sector—suggests that buyers are seeking greater discounts, while sellers are becoming more open to negotiation
• A considerable decrease in AVERAGE DAYS ON THE MARKET of -14.8% for the general market and -44.0% for the luxury market indicates a heightened demand for properties; homes are selling more quickly, reflecting an active market
Los Cabos Real Estate Market Report Land, Q3 2024 vs Q3 2023
OBSERVATIONS
Shaped by a pioneering 27-year legacy and nearly $3.5 billion in sales since inception, Engel & Völkers Snell Real Estate continues to innovatively introduce the allure of Los Cabos to the world. As Baja California Sur’s #1 top-producing brokerage, we unlock the door to exclusive beachfront retreats, majestic mountaintop haciendas, exquisite golf villas, luxury resort residences, phenomenal developer and land opportunities, as well as a diverse array of commercial properties. Our portfolio caters to a spectrum of budgets, welcoming first-time buyers and seasoned investors alike. At Engel & Völkers Snell Real Estate, we are dedicated to navigating the art of real estate, offering the ultimate home buying and selling services.
snellrealestate.com
In Los Cabos (624) 105-8100 | Toll Free 1-866-650-5845 info@snellrealestate.com
*Conversion to PESOS subject to change. The information shown in PESOS
accordance with article 8 of the monetary law, the final price for
NOM 247, prices shown in DOLLARS can be converted into PESOS by accessing the following link and performing the corresponding arithmetic multiplication per the current exchange rate. https://www.banxico.org.mx/tipcamb/main.do?page=tip&idioma=en; Conversión a PESOS sujeta a cambios. La información que se muestra en PESOS se basa únicamente en la conversión oficial en la fecha en que se envió este anuncio. El precio de oferta es en DÓLARES (moneda de los EUA) y de conformidad con el artículo 8 de la ley monetaria en vigor, el precio oficial a registrar en la escritura será el de PESOS que resulte del tipo de cambio oficial en la fecha que el pago sea obligatorio. De conformidad con la NOM 247, los precios en DÓLARES se pueden consultar en PESOS mediante la multiplicación aritmética del precio mostrado en DÓLARES por el tipo de cambio en vigor para solventar operaciones en dólares moneda de Los EUA. https://www.banxico.org.mx/tipcamb/main.do?page=tip&idioma=sp