Nine months into 2013 and we can see that the market is starting to turn around. There has been more activity then last year. Many buyers have the impression that they can offer way below asking price but they will have to realize that these offers won’t fly anymore. The people that had to sell, sold their properties a long time ago and the today’s seller want a fair market price for their properties. We get confirmation on this trend also from the sold to list ratio. This number are up from the mid 70's to 95.2% over the last 8 months. This is a strong signal that the room for negotiation on the price is getting smaller and smaller.
The total sales volume from January 1 to September 30 on residential properties (condos & houses) is up by over $4,700,000 US Dollars to $137,624,924 US Dollars. The average sales price is up 2% to $500,454 US Dollars.
The condo market is lacking the 2012 sales but has caught up at with the number of sales and is closing in on the total volume as well. The total sales volume is down a 13% to $33,777,536 US Dollars and the average sales price is down by 13% to $288,250 US Dollars.
Sales for single-family homes are up by 10% to $103,847,388 US Dollars. The average sales price is up by 8% to $661,448 US Dollars.This should be a sign that we have hit rock bottom here in Los Cabos and sales should increase steadily in the last quarter of 2013.
You can see my report also on YouTube: http://youtu.be/5X0aXsH_3xU
As you can see, little by little the Los Cabos real estate market is picking up steam. Especially the market for homes.