Los Cabos Residential Real Estate Market Report 2021 Q1
April 19, 2021
House and Condo sales volumes continued their breakneck pace in the first quarter of 2021. Many realtors here are calling it the hottest market since 2006. Here at Cabo Real Estate Services, we are officially calling this market event the “COVID BUBBLE”. As a result of the bubble this market report has had to change – it now does its comparisons against the previous quarter. Our report had looked back at the same quarter of the previous year. This comparison is now much less relevant thanks to the continued upward trend in the market.
Incredible Sales Volumes
Sales in Q1 2021 on a dollar volume basis have virtually equaled all of 2020 at $449m USD. Unit volumes of houses and condos was 50% higher over the last quarter and at 499 vs 330.
We continue to see buyers are coming en masse and sight-unseen sales are happening more than ever. Sales continue to be driven by the new buyer attitudes of 1) “LIFE IS TOO SHORT” and 2) WORK FROM HOME – if I have to work from home, home may as well be Cabo.
Overall, the residential average and mean prices are up 11.4% and 6.2% over 2020 Q4 respectively having been propelled by stunning increases in sales and dollar volumes in the $2.5m to $5m range.
Days on Market is tightening as the buying frenzy continues and the Sold % of List Price is increasing as the market tightens and quality inventory diminishes.
This report now included trend charts in the COVID Bubble section below. In this section we track the upward climb of unit and dollar sales volume since May 2020 when the lockdown ended in Los Cabos. We are also tracking the decline in Average Days on Market and the tightening of the Average Sold % of List Price. While the number of deals that have closed from 2021 Q1 is far from complete, the current average is almost 98% of list price.
Los Cabos Residential Real Estate Market – Highlights
Los Cabos Residential Real Estate Market – Sales Volume by Price Point
Los Cabos Residential Real Estate Market Highlights – Sales Volumes by Month
Please note the remarkable drop in sales volumes for April due to Covid and the steady climb back as buyers have returned en masse. Sales volumes in Q1 2021 have again eclipsed the previous quarter and dollar volumes for Q1 are shockingly as much as entire dollar sales volumes for 2020.