End Of Q2, 2024 Market Snapshot
Los Cabos, Mexico
CASA BUENAVENTURA, PUNTA BALLENA
Los Cabos Real Estate Market Report
Single-Family Homes, Q2 2024 vs Q2 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 13% for the general market and 80% for the luxury sector is an indication that more sellers are entering the market, particularly at higher price points
• Despite an increase in listings, MEDIAN LISTING PRICES continue to rise—up 11% for the general market and 28.3% for the luxury sector. This suggests a potential imbalance between what sellers are asking and what buyers are willing to pay
• A slight decline in SOLD LISTINGS of - 14% for the general market only, indicates a slight decrease in overall buyer demand.However, demand for higher-priced properties in the luxury sector remains stable
• A decrease in MEDIAN SOLD PRICE of -23.6% for the general market, contrasted with an increase of 24.6% for the luxury sector. This could indicate that buyers are favoring lower-priced properties compared to the previous year, while those purchasing higher-end properties are willing to spend more
• A slight decrease in MEDIAN SOLD PRICE PER AC SQ.FT for the general market of -5.2% . Considering median sold price decreased, this means buyers are opting for smaller homes at lower overall prices, but not necessarily at a lower price per AC sq.ft. In the luxury sector, data suggests that buyers are purchasing larger homes, leading to increased sales volume, though not necessarily at a higher price per AC sq.ft
• Overall, this data suggests a possible shift from a seller’s market to a more balanced market. Buyers might have increased negotiating power and sellers might need to adopt more realistic pricing strategies
VILLA LOVE & PEACE, CALETA, PALMILLA
Median
Median
Avg
Avg
Los Cabos Real Estate Market Report
Condominiums, Q2 2024 vs Q2 2023
OBSERVATIONS
• A modest increase in NEW LISTINGS of 2.5% for the general market indicates more sellers are entering the market. However, it’s important to note that many new condo developments in Los Cabos may not be adding their inventory to the MLS BCS database, meaning the actual number could be higher. In the luxury sector, a significant increase in new listings of 28.6% could be attributed to the lack of inventory in this price range from the previous years, prompting developers to seize the opportunity to fill the gap
• MEDIAN LISTING PRICES have risen by 21.5% in the general market, possibly due to sellers’ optimism or a slower adjustment of pricing strategies. Meanwhile, a decrease in the luxury sector of -41.4% indicates a greater number of condos in the $1M to $2M USD range compared to last year when higher-priced condos were more prevalent
• A substantial decrease in SOLD LISTINGS of -35.3% for the general market and -28.6% 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 PRICE of -15.4% , coupled with an increase in MEDIAN SOLD PRICE PER AC SQ.FT of 10.5% for the general market, suggests that buyers are opting for smaller condos to achieve a lower overall price, though not necessarily a lower price per AC sq.ft. In the luxury sector, increases in both metrics indicate that buyers are purchasing condos of similar size to those of the previous year, but at higher overall prices and higher prices per AC sq.ft.
• Overall, the condo market appears to be experiencing a slowdown in sales activity despite a slight increase in supply. Buyers may have more leverage in negotiations, while sellers might need to be more flexible with their pricing strategies
*PERCENTAGES SHOWN COMPARE VALUES FROM Q2, 2024 WITH Q2, 2023; DATA IS BASED ON MLS SALES IN LOS CABOS
Los Cabos Real Estate Market Report
Land, Q2 2024 vs Q2 2023
LAND BY SIZE LAND BY SIZE
OBSERVATIONS
A decline in demand for medium and large-sized residential lots, commonly located in gated communities like Querencia, Palmilla and Puerto Los Cabos
An increase in demand for small-sized residential lots, typically located in the city and away from larger gated communities
The price per square meter increased significantly for all land sizes, except for medium-sized commercial lots Q2 pf 2024 reported fewer sales than Q2 of 2023, but with a higher average price per square meter, indicating that some buyers are willing to pay top prices and SELLERS ARE NOT ADJUSTING THEIR PRICES AT THIS TIME *PERCENTAGES SHOWN
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.
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*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