Los Cabos Residential Real Estate Market Report 2020 Q2
Overall house and condo sales volumes trailed off in the 2nd quarter of 2020 over the same period in 2019. Effects of the COVID-19 pandemic on the market have been impactful but not dramatic. Sales are down 18% in unit volume and 35% in Dollar Volume. Prior to the pandemic and lockdown period we had been experiencing strong growth in sales volume particularly at lower price points.
Overall, the residential average and mean prices are down 16% and 20% respectively due to a sharp decline in sales and dollar volumes above $1m. Above $1m sales volumes are down 68% and dollar volumes are down 42%. Condo sales also suffered with a 20% decline in sales volume and 16% reduction in average price.
Despite a lull during the lockdown, sales volumes started picking up in May and June. Buyers are coming, wearing their masks and adhering to social distancing. Deal are happening and the market is coming back.
In our 2019 Year in Review now expected in August, we will recap 2019 with all sales hopefully closed for a complete picture of the year.