Los Cabos Residential Real Estate Market Report

2025 Q3 Market Report

October 5, 2025

REPORT COMMENTARY

The third quarter of 2025 saw our typical summer slowdown. Q3 saw sales trail off to $225.5m USD under contract, down 40% from Q2. Unit volume was 239 sold, down 20% from Q2. Despite the decline 2025 Q3 has come in as the 3^rd highest Q3 in history showing strong demand remains in the market.

Average and Median house prices pulled back again in Q3 driven by reduced volume above $1m USD changing the sales mix. The over $1m range declined in volume by $71m. All price points above $1m saw declines in dollar and unit volumes apart from the $2m to $5m price point which increased by $3m with 24 sales and a sales dollar volume of $76.7m. Sales over $10m trailed off to one sale of $18.9m.

The average Days on Market (DOM) for houses declined from 190 days to 172 days in Q3. Condos increased from 138 days to 154 days in Q3. Q3 saw a slight tightening of discounts from list price. The Average % of List Price increased slightly for houses by 1.8% to 92.4% and Condos increased by 0.7% to 9.35%.

Inventory in Q3 held high with 2,127 houses and condos for sale. Condos, both pre-construction and completed, make up 63% of the current inventory by unit volume. Completed houses and condos now make up 63% of the current inventory by unit volume. Higher levels inventory represents increased selection for buyers at a time when demand continues to flex. An abundance of buyer choices continues to pressure serious sellers to get prices right. The current inventory of 2,127 houses and condos this quarter has a dollar value based on list prices of $2,547 Billion US Dollars, which broke down as $1.024 Billion of Condos and $1.523 Billion of Houses.

Price reductions remain a common theme in 2025 as serious sellers and their agents diligently seek their price to sell. The price reductions for Q3 2025 were a total of 1,273 for 2025 compared to 1,193 for all of 2024.

LOS CABOS MARKET DIRECTION

Buyer interest in the market weakened slightly in Q3 but remains present. Combined with robust levels of inventory and accumulating days on market – the market remains a “buyer’s market”.

ABOUT THIS REPORT

This report is produced using BCS MLS Data. It is limited to the Los Cabos Municipality apart from overlaps on the East Cape and Pacific Zones. Around Los Cabos, there is also significant activity that happens off MLS. These tend to be significant high-end developments that have their own way of marketing. These developments include The Cove Club, Chileno Bay, El Dorado, Montage, Maravilla, and Costa Palmas. As a result, this report is not a complete view of all real estate activity in Los Cabos. This report also does not report on land sales. Land sales also took off in the past two and a half years for both individual building lots and developer parcels.

All sales data in this report is based on the Under Contract Date. This is the date when the sale was consummated but not the date when the sale closed, and the title was transferred. Market reports published by other brokers and agents will typically use the Sold (or Closed) Date, which can be up to six months after the Under Contract Date. We feel using the Under Contract Date better represents market activity and timing. Consequently, prices and price volumes will not be entirely accurate until the closed date when the sold price is reported in MLS.