Los Cabos Residential Real Estate Market Report

2026 Q1 Market Report

April 3, 2026

REPORT COMMENTARY

The first quarter of 2026 continued the high season momentum with significant growth in sales. Q1 saw sales volume jump to $391M USD under contract, a 39% increase over Q4 2025. Unit volume reached 350 sold, up 39% from the previous quarter. Despite the jump in sales over Q4, Q1 came in as the lowest Q1 since 2020 indicating a strong but flexing demand. House sales volume of 135 units increased 26% over Q4, while Condo sales of 215 units saw a 29% increase. The $2M to $5M luxury market remains a primary driver of value with 38 sales totaling $117M USD, both metrics seeing double-digit growth over Q4. Ultra-luxury activity also remained notable, highlighted by a significant $19.9M sale and for a total of 4 sales over $10m.

The average Days on Market (DOM) showed a slight divergence: houses decreased to 190 days (from 218 in Q4), while condos saw a slight increase to 197 days. The Sale to List Price Ratio (SLPR) indicates that buyers are successfully negotiating larger discounts; the ratio for condos softened from 94.3% to 92.3%, while houses saw a slight improvement in retention, moving to 93.2%.

Inventory has reached a new peak of 2,320 active houses and condos. Condos, including pre-construction and completed units, continue to dominate the inventory landscape, representing 60% of the current inventory by unit volume. The total list price value of this inventory stands at $3.23 Billion USD, broken down as $1.13 B in condos and $2.09 B in houses. With 19 Months of Inventory (MOI) currently on hand, the market remains firmly in “Buyer’s Market” territory, granting purchasers significant selection and leverage.

The Two Bedroom Condo segment saw its best quarter since Q1 2024 with 125 units sold for $55.90m USD, an average of $447,200 per unit. Despite the rebound in Q1, the Two Bedroom Condo segment remains under particular pressure. With 1,395 total condos on the market—the majority of which are two-bedroom configurations—and a decline in median condo prices of 8.6% this quarter, competition is fierce. As more pre-construction projects from the 2021-2022 boom reach completion and enter the resale market, we are seeing a jockeying of product between new completed resale units with older completed inventory. Expect continued price sensitivity in this segment as sellers compete for a finite pool of buyers. Watch for fire sales as investors feeling pinched aim to bail out of their recently delivered condo.

LOS CABOS MARKET DIRECTION

The market entered 2026 with strong momentum with sales and dollar volumes tracking for a solid year. However, with robust inventory levels and a softening in condo median prices, the market remains a “buyer’s market.” Success for condo sellers in 2026 will depend heavily on realistic pricing and navigating the high volume of competing 2-bedroom inventory. Similarly, other segments, including the $2m to $5m Mid-Luxury segment, will need to focus on realistic pricing and be prepared for a longer time on market.

The $2M to $5M Mid-Luxury Segment continues to have steady demand, despite long DOM, there is healthy absorption, with 38 units sold out of 300 active listings (a 13% conversion rate). The segment has Sales to New Listing Ratios (SNLR) that are balanced for Houses SNLR 41% and in seller’s market territory for Condos SNLR 75% indicating strong replenishment despite high Months of Inventory (MOI) – Condos 25 months & Houses 19 months.

MARKET SNAPSHOT

MARKET SALES

MARKET METRICS

MARKET TRENDS

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.

GLOSSARY

DOM (Days on Market) =
Pending/Closed Listing: Under Contract Date – Begin Date
Active Listing: Today’s Date – Begin Date

SLPR (Sale to List Price Ratio) =
Sold Price ÷ Original List Price x 100%

SNLR (Sale to New Listing Ratio) =
Sales (Units) in Period ÷ New Listings (Units) in Period x 100%

MOI (Months of Inventory) =
Listing Inventory (Units) ÷ Sales (Units) in past 12 months x 12

Los Cabos Residential Real Estate - Historical Reports