Second Quarter 2019 Real Estate Market Report

BY: NICK FONG

The recent news in the media confirms that the area of Los Cabos is one of the fastest-growing areas in terms of tourism. Among this news, the increase of 60 percent in the arrival of European tourists, the first direct flight from Europe (London) to Los Cabos and new luxury hotel brand names entering our market such as the most recent Waldorf Astoria, formerly “The Resort at Pedregal.”

Tourists who later become temporary or permanent residents fall in love with this beautiful place for its landscapes and beautiful people. The boom in tourism and what has happened in the second quarter of 2019 tells us a little about the great opportunities in the local real estate market.

These are the numbers: From April 1 to June 30 of this year, 320 properties (houses, condos and lots) were sold. The list volume was just over $144 million USD, and the sold volume was just over $128 million USD. The average list price was $450k USD with an average sales price of $400k USD. It represents an average sales price to list price of 88 percent. The average days on the market was 365.

The houses sold were 102 with a list price volume of $68 million USD and sold a volume of $59 million USD. The average list price was $674k, and the average sales price was $579k. Sales price to list price was 86 percent, and the average days on the market was 343.

In this second quarter, the condos closed were 107, and the list price volume $54 million USD. The sold volume was $51 million USD, with an average list price of $512k and sales price $477k, which represents that the sales price to list price was 93 percent. The average days on the market was 310 days.

There were 111 lots sold between April and June, with a list volume of $20.6 million USD; $18 million USD in sold volume, an average list price of $185k and average sold price $162k. Sales price to list price: 87 percent and average days on the market of 438.

The number of listings that went under contract was 181 of which 55 were houses, 46 were condos, and 80 were lots. The list volume is $71.6 million USD and an average list price of $395k.

Now, the total listings closed for the first half of the year is 596. List volume $258 million USD, sold volume: $231 million USD, average list price: $433k, the average sold price $388k and the percentage between sales price to list price was 89 percent. Average days on the market: 352. You can download this and other market reports at http://mls.loscabosagent.com

For more information contact: Nick Fong, info@loscabosagent.com, 619.831.2000 (U.S. and WhatsApp)

624.227.5766 (MX)