Los Cabos Real Estate Rumble: 2020 vs. 2021
Sales comparison January to May of each year.
On April 1, 2020, we went on lockdown here in Los Cabos, and there weren’t many people who anticipated the real estate boom we have seen since the summer of 2020.
It was amazing how many people could travel to Los Cabos and buy a new home or condo. We have seen many buyers from the USA but also an increase of Mexicans from the mainland.
So, let’s compare last year’s sales numbers (January 1st to May 31st) to this year’s number for the same period. Registered sales from El Pedregal to El Encanto de la Laguna.
New listings for condos have increased a 192% from 205 to 600 new listings. Under-contract units increased a 330% from 114 to 491 accepted offers and closed sale soared a 168% from 88 to 236 closed transactions. The total sales volume grew 162% from over $38,016,000 USD to over $99,724,000 USD.
The average sales price for this period was $422,901 USD.
For single family homes we have a very similar picture. New listings increased a from 113 to 275: 143% rise. Number of under contract grew from 80 to 266 accepted offers, a surge of 232%. We saw 154 closed escrows compared to 66 units a year ago which represents a 133% increase. The total sales volume soared 291% to over $207,179,000 USD from over $52,937,000 USD.
The average sales price was up 67% to over $1,345,000 USD versus $802,000 USD same period, last year.
We have also seen an increased demand for residential lots in the area. New listings have gone up 158%, from 94 to 243, accepted offers have soared 209% or 160 accepted offers compared to 51 a year ago. Closed sales are up 75% from 45 closed transactions to 79.
The total sales volume has soared 237% to over $28,661,000 USD versus $8,502,000 USD.
I do anticipate that this trend will continue as long as the US economy is doing well.
We see some pockets in the market where inventory is getting low and will help prices stay high or even climb higher. With more people getting vaccinated and feeling more comfortable jumping on a plane, we anticipate a jam-packed summer and fall here in Los Cabos.
People are coming back to vacation and looking at real estate. New condominium developments have been coming on the market and will keep the supply up. But finished products are getting lower in many areas here in Los Cabos.
If you would like to get numbers for a specific area, please don’t hesitate to contact me, and I’ll be more than glad to share these numbers with you.
Information is deemed to be reliable, but not guaranteed ©2021 MLS and FBS.