January 9, 2022

Report Commentary

House and Condo sales volumes have regained their blistering pace again with December sales almost on par with April sales.  Q4 shaped up a close second to Q2 in 2021.  2021 has closed as the biggest year ever on MLS with Sales of 2,100 houses and condos for a dollar volume of $1.645 Billion USD.

Rebound in Sales Volumes

Sales in Q4 2021 on a dollar volume basis increased slightly over Q3 to $411m USD. Unit volumes of houses and condos was 32% over Q3. Sales jumped in part thanks to lifted Covid restrictions people getting in the Cabo vacation they’ve been waiting 18 months for.  The start of high season in Cabo appeared to be almost pre-covid with Cabo as busy as ever.  Buyer continue to come en masse and sight-unseen sales remain high.  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, and many buyers are simply looking to leave the US altogether. Investors continue taking money out of the US.

Overall, the residential average declined slightly at -3.2% and and mean prices increased slightly at 4.1% changes over 2021 Q3.  Individually average house prices declined 11.6% with lower priced houses lowering the average.  Individually average condo prices declined -11.1% due to a decline in high end condo sales and more lower priced and pre-construction inventory being sold.

Continuing a trend all year long, the $2m to $5m price point led Q4 with 42 sales and over $140m in dollar volume.

Days on Market trend continues tightening even as the buying frenzy continues and the Sold % of List Price trend continues to increase as the market tightens and quality inventory diminishes.

New in this Report – Historical Inventory

This report now includes a chart showing historical inventory by Quarter.  There has been a remarkable drop in inventory at the end of Q4.  Everyone in the marketplace is hoping for more inventory to come on the market in 2021.  Fingers crossed!