Los Cabos, Mexico
Los Cabos Real Estate Market Report
Single-Family Homes, Q1 2025 vs Q1 2024
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
The first quarter of 2025 reveals notable shifts in the real estate landscape compared to the same period last year. Inventory is on the rise, with NEW LISTINGS up by 19.4%, offering buyers more options across the board. Pricing trends reflect a more dynamic market story: while LIST PRICES have decreased by 8% yearover-year, the MEDIAN SOLD PRICE has surged nearly 20%, pointing to robust demand and a competitive buying environment. Homes are selling faster—spending 9.7% FEWER DAYS ON THE MARKET —and more deals are closing, with a 25% INCREASE IN SOLD LISTINGS. Interestingly, the PRICE PER SQ.FT has declined, suggesting that buyers may be purchasing larger properties or benefiting from localized price adjustments. Sellers are also receiving slightly below their asking prices compared to last year, signaling a subtle shift in negotiation power toward buyers.
The luxury segment ($2M+) is telling a different story this quarter. Although NEW LISTINGS are down 19.1%, demand is soaring—sales have more than doubled, with a remarkable 133% INCREASE IN SOLD LISTINGS.
The MEDIAN SALE PRICE surged by 45.9%, while the PRICE PER SQ.FT climbed 51.7%, reflecting intense competition for premium properties. Luxury homes are also selling much faster, spending 25.9% LESS TIME ON THE MARKET. Interestingly, even in this high-demand segment, sellers are receiving slightly less than their asking price year-over-year, suggesting that luxury buyers are entering the market with greater negotiation power.
Overall Market Outlook: The Q1 2025 real estate market is proving to be dynamic across all segments. In the regular housing market, buyers are met with more inventory and face rising prices—benefiting sellers with quicker closings. In the luxury space, low supply and heightened demand are pushing values significantly higher, fostering a highly competitive environment. Whether buying or selling, timing and strategy remain critical to maximizing value in today’s market.
Median
Median
Avg
Los Cabos Real Estate Market Report
Condominiums, Q1 2025 vs Q1 2024
OBSERVATIONS
The condominium market is showing steady momentum this quarter. NEW LISTINGS are up 18.8% compared to Q1 2024, providing buyers with more options. LISTING PRICES have risen modestly by 1.2%, but MEDIAN SOLD PRICES have dipped by 3.1%, suggesting buyers are successfully negotiating or that smaller, more affordable units are driving sales. Despite the dip in overall sales prices, the PRICE PER SQ.FT is up 10.1%, indicating buyers are paying more for quality space—likely driven by demand for updated or well-located properties. Homes are selling faster, with an 8.1% decrease in DAYS ON MARKET, and sellers are receiving 97% of their asking price—unchanged from last year—pointing to a relatively balanced and stable market environment.
The high-end condo market is experiencing notable shifts. NEW LISTINGS have jumped 45.7%, giving luxury buyers a broader selection. LISTING PRICES are up 14.3%, but the bigger story lies in the closing numbers— luxury condos are closing at a whopping 24.2% higher than last year, with a 17.9% jump in PRICE PER SQ.FT.
Despite the influx of new inventory, demand is clearly strong: luxury condos are selling 43.7% faster than last year. Sellers are also receiving closer to their asking price— 96% versus 93% in Q1 2024—indicating more competitive offers and less room for negotiation.
What It Means for Buyers and Sellers:
For buyers in the general condo market, increased inventory and price flexibility present solid opportunities, though price-per-square-foot increases suggest a premium on quality and location. Sellers can expect healthy demand and faster closings but should stay price-conscious to remain competitive. In the luxury segment, rising prices and faster-moving inventory signal a strong seller’s advantage. Buyers should be prepared for a competitive landscape and quicker decision-making windows. Overall, the condo market remains active and well-balanced, with luxury properties setting the pace in both price growth and speed of sales.
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Los Cabos Real Estate Market Report Land, Q1 2025 vs Q1 2024
OBSERVATIONS
The Q1 2025 land market reveals a stark contrast between residential and commercial segments. On the residential side, demand remains strong—particularly for small to mid-sized parcels. SALES of small lots (0–499 sqm) rose by 5.6%, while medium-sized plots (500–1,999 sqm) saw a 3.4% INCREASE IN TRANSACTIONS. The standout trend is the sharp RISE IN PRICING: small lots are up 43.9% per square meter, and medium parcels have jumped by 56.4% compared to the same period last year. This surge signals heightened competition, likely driven by individuals and developers eager to build. Larger residential lots (2,000–4,999 sqm) maintained steady sales, with a modest 6.5% PRICE INCREASE, suggesting more stable—but still healthy—demand for bigger properties.
In contrast, the commercial land market suggests a holding pattern, with many buyers and sellers adopting a waitand-see approach. SALES of small commercial parcels (5,000–9,999 sqm) experienced an 85.7% drop in sales, with only one recorded transaction in Q1 2025. Even more striking is the complete absence of sales in medium and large commercial categories (1 hectare and above), which saw several transactions in the same period last year. For the few small commercial lots that did sell, PRICES DROPPED by 75.6%, reflecting a dramatic decline in demand. This freeze likely reflects economic uncertainty, evolving business models, or a shift away from physical expansion plans among commercial enterprises.
What It Means for Buyers and Sellers
Buyers should be prepared for steeper prices and increased urgency in negotiations. Sellers of residential land— particularly those with smaller plots—are in a favorable position, with limited inventory and escalating values creating a competitive marketplace. Meanwhile, the commercial land segment is evolving, with shifting dynamics that may favor long-term investors and forward-thinking developers. With demand at a standstill, sellers may need to revisit pricing or adopt a longer-term strategy. For investors, this downtrend could represent an opportunity— provided they carefully evaluate local market conditions and long-range potential.
Overall, the land market in Q1 2025 is marked by strong momentum in the residential segment and a more measured pace on the commercial side—highlighting two distinct yet evolving landscapes for buyers, sellers, and investors alike.
Shaped by a pioneering 28-year legacy and nearly $3.6 billion in sales since inception, Engel & Völkers Snell Real Estate continues to innovatively introduce the allure of Los Cabos to the world. As the #1 top-producing brokerage in Baja California Sur, 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 portfolio of commercial properties. Catering to a wide range of budgets, from first-time buyers to seasoned investors, we are committed to mastering the art of real estate, offering the ultimate home buying and selling services. snellrealestate.com | loscabos.evrealestate.com
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*Conversion to PESOS subject to change. The information shown in PESOS is solely
accordance with article 8 of the monetary law, the final price for recordation purposes will
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