Market Overview:
As we reach the midway point of 2023, the real estate market in Los Cabos continues its dynamic pace, with the second quarter coming in just below the first quarter’s sales volume at $435 million. Although sales volumes experienced a 2% dip, a total of 474 houses and condos were successfully sold. The market’s focal point remains the $2 million to $5 million price range, showcasing $132 million in sales with 44 houses and condos finding new owners. Pre-construction properties maintain their allure, accounting for over 50% of unit volume and 43% of dollar volume during Q2.
Inventory and Emerging Trends:
The second quarter of 2023 witnessed an overall improvement in inventory, encompassing both physical inventory and pre-construction listings. The pre-construction sector continues to hold a prominent position, representing more than half of all MLS listings. Addressing the scarcity of homes in certain price brackets, the under $500,000 price range welcomes additional options with the commencement of Phase II of Las Misiones in El Tezal.
Market Direction for Los Cabos:
With the US and Canadian real estate markets recovering from potential recessions, the demand for properties in Los Cabos remains robust, particularly within the over $1 million range. Furthermore, the surge in the “Super Peso,” the strongest Peso in seven years, has sparked a growing interest among Mexican investors in Los Cabos.
As the real estate landscape evolves in Los Cabos, our Q2 2023 report provides valuable insights into current trends and dynamics, empowering investors, residents, and enthusiasts to navigate this vibrant market with confidence.
