It has been another interesting year here in Los Cabos. I hear very mixed signals from my friends. Some had a great year and some had the worst year ever. There is no doubt that it has been challenging for all of us.
So let's see how the numbers look like in 2012 compared to 2011:
Although we have seen more numbers of sales, the total sales volume is Dollars is down. We sold and closed 466 transactions this year, which represents an increase of 6.4%. If we look at the total sales volume it is down to $174,044,847 Dollars or a 22.5%. In 2011, 46 properties closed above $1,000,000 US Dollars. This year, throughout the first nine months only 35 million plus Dollar properties were and closed. This is a decrease of 23.9%. Median sales price is down 18.2% to $209,300 US Dollars in 2012 and the average listing price was down to $730,700 US Dollar. The average sales price is down to $371,700 US Dollar or 27.44%
As you can see prices are still under pressure but it looks like the good deals are getting rare. I believe that most of the distressed properties won't be there after this season and we should start getting back to a normal market in 2014.
So if you are looking for buying a home I believe it is a great time to do so. In 2014 I can see the market shifting from a buyer to a sellers market again.
Major investments are coming back to Los Cabos. There will be a second golf course built in Diamante (Tiger Woods Design), A Jack Nicklaus Course is being built as we speak at Pueblo Bonito Sunset. A new commercial plaza in front of the Country Club has started this month. Chileno Bay and its neighbor the Montage have been reactivated. A 196-room Park Hyatt Los Cabos will be located within a master planned golf resort community is expected to open in 2015. A Lowe store will be starting construction by the end of this year or early in 2013 in Cabo San Lucas.
As you can see there are 100's of million Dollars being invested right now here in Cabo. That will give us all a more optimistic outlook for the near future.
I hope this overview on statistics on Los Cabos Real Estate market gives you an overview of the state of the market. For more details of the market don't hesitate con contact me.