Los Cabos Residential Market Report – January 1 to June 30, 2019
We are already way into the second half of 2019 and it definitely feels like we had a great season selling real estate. Let’s have a look at the numbers for condominiums and single-family homes for the first half of the year. These numbers include only what has been reported to MLS.
The area researched is from Cabo San Lucas to San Jose del Cabo including Puerto Los Cabos. The following developments do not report any sales data to MLS: El Dorado, Chileno Bay, Montage, Maravilla and Hacienda Beach Resort and Residences.
Overall the market has performed very nicely. Accepted offers increased 35% to 364 escrow accounts that have been opened. Closed sales have increased 34% to 317 transactions. The total sales volume was $192,150,000 USD, 44% higher than for the same period last year. Both average sales price and median sales price have risen to $606,000 USD and $300,000 USD respectively.
Let’s see how the condo market has performed from January 1 to June 30, 2019. We have seen a 44% increase in accepted offers or 224 transactions under contract. We closed 205 escrows which means we closed 56% more escrows than last year. The total sales volume grew 43% to $91,967,000 USD. The average sale price per condo decreased by 8% to $449,000 USD and the median sale price softened to $255,000 USD, 5% less than last year.
The market for houses has developed nicely as well. We saw 140 accepted offers (+21%) with 112 closed escrows (+5%). The total sales volume topped $100,182,000 USD (+45%) with an average sales price increase of 37% to almost $895,000 USD. Median sales price is up 9% to 360,000 USD.
The one million plus market has performed quite well. With a total sales volume of over $106,327,000 USD (+51%) we are back on track for another good year. Both the average sales and median sales price increased 13% and 32% respectively.
For properties under $1,000,000 USD the total sales volume has expanded 37% to over $85,822,000 USD. The average sales price only rose 2% and the median sales price decreased 4% within this price range.
If you would like to receive a market study for a specific area, please don’t hesitate to contact me.