2021 Q2 Market Report
July 12, 2021
House and Condo sales volumes continued their blistering pace in the second quarter of 2021. Shaking up some of the statistics has been a massive surge in high end condo sales. Notably sales at the The Cape Residences, Hacienda Beach Club, Las Ventenas al Paraiso, St. Regis, Tortuga Bay and the epic sell-out of the Querencia Ocean Residences.
Epic Sales Volumes
Sales in Q2 2021 on a dollar volume basis have eclipsed all of 2020 at $563m USD. Unit volumes of houses and condos was 33% higher over the Q1 2020 635 vs 499. We continue to see buyers are coming en masse and sight-unseen sales are happening more than ever. Sales continue to be driven by 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. We are also hearing of investors taking money out of the US based on looming increases is Capital Gains Taxes from President Biden.
Overall, the residential average and mean prices are largely flat at 0.1% and -0.6% changes over 2021 Q1. Individually average house prices declined -11.2% due to decline in sales in the $5m plus ranges and increases in lower prices points.
Individually average condo prices soared 74.1% due to the massive surge is high end condo sales mentioned above.
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 includes 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.