Let's look at the first six months of 2013 and compare it to 2012. I'm using only data for condos, houses and town houses in this statistic.
Total number of sales are down to 159 from 179 or a decrease of 11%. The total sales volume is down 8% to $85,753,089 US Dollars. The average sales price is up 4% to $539,328 US Dollars.
These numbers are based on residential units only (Homes, Condos and Townhouses).
As you can see the hype has not started yet here in Los Cabos but it feels like is it just around the corner. Tour activities are starting to pick up with more people interested in starting to look again at real estate here in Los Cabos. Prices have not started to increase yet and we still have plenty of inventory to offer.
We have seen many offers going through our office. Unfortunately just a few of them were accepted. The rest of them were just too far apart from the asking price to make it work.
We as brokers or agents have to educate a customer on the current market situation here in Los Cabos. Sellers that were desperate got rid of their properties at a very discounted price. These kind of sellers are no longer in the market. There might be isolated cases, such as a divorce or sickness, etc. where sellers are forced to discount their properties aggressively in order to get it sold in a timely manner. But as I said, these are very isolated cases. Prices have been adjusted since the peak of the market in 2008 and buyers need to realize that it is almost impossible to purchase if you offer 35 – 40% below asking price.
So if you are serious considering putting in an offer please make it reasonable so we don't waist east others time and step up to the plate with a serious offer.
The resort market is mostly the last one to recover from a slump. As this segment of the market is getting better we will soon see the results here in Los Cabos as well.
Receiving offers, even if they are too low to close a sale is very encouraging for us here in Cabo. The last few years we did not even get offers at all.
If you would like to receive a detailed CMA, don't hesitate to contact me.