Los Cabos Residential Real Estate Market Report

2025 Q4 Market Report

January 6, 2026

REPORT COMMENTARY

The last quarter of 2025 saw our initial high season surge. Q4 saw sales jump to $326m USD under contract, up 50% from Q3. Unit volume was 274 sold, up 20% from Q3. 2025 Q4 has come in as the 2nd highest Q4 in history based on dollar volume showing demand remains strong in the market. House sales volume of 107 increased 11% over Q3. Condo sales 167 increased 25% over Q3. The $2m to $5m luxury market remains strong with 33 sales and $109m USD both up 50% over Q3. Sales over $10m was up with two sales for a total of $25m USD.

The average Days on Market (DOM) for houses increased to 216 days up from 176 days in Q4. Condos increased to 184 days from 154 days in Q4 showing older inventory is moving. Sales to List Price Ratio (SLPR) in Q4 saw a slight tightening of discounts from list price for Condos from 93% to 95% while Houses remained close to the same as Q3 with 90%.

Inventory in Q4 reached an all-time high of 2,306 houses and condos for sale. Condos, both pre-construction and completed, make up 61% of the current inventory by unit volume. Completed houses and condos now make up 68% of the current inventory by unit volume. Higher levels inventory continues to represent increased selection for buyers. With an abundance of buyer choices, serious sellers will need to get prices right. The current inventory of 2,306 houses and condos this quarter has a dollar value based on list prices of $3.041 Billion USDs, broken down as Condos $1.128 B and houses $1.912 B USD.

Two Bedroom Condo inventory is extremely long, with 732 units and Two Bedroom condo sales at their lowest in 5 years with 330 units. As a result of the boom in two-bedroom condo sales in 2021 (737 units), developers responded with numerous condo developments and substantial pre-construction sales. Those developments have been delivering units in 2024, 2025 and more to come in 2026. Most of these units were two-bedroom units which were enthusiastically acquired as developer directs sales by second home buyers, investors in investment clubs and other investors. With delivery upon them, preconstruction buyers are entering the resale market at a time when two-bedroom condo sales have declined to their lowest levels in 5 years. Expect price reductions for two-bedroom condos competition becomes fierce as serious sellers get serious.

Price reductions continued to be common in 2025 as serious sellers and their agents diligently seek their price to sell. The price reductions for 2025 were a total of 1,640 for 2025 compared to 1,193 for all of 2024.

NEW IN THIS REPORT

This report includes a major revamp that includes standardizing of terms, additional metrics, restructuring of the report into distinct sections, additional trend focus areas and addition of a Table of Contents & Glossary. Average % of List becomes Sale to List Price Ratio (SLPR) and Sales to New Listing (SNLR) is new. Report is now structured into key sections, Market Snapshot, Market Sales, Market Metrics and Market Trends. New trend areas added to the report are $2m to 5m USD Luxury Segment on page 22 and Two Bedroom Condos on pages 23 & 24.

LOS CABOS MARKET DIRECTION

Buyer interest in the market strengthened in Q4 and was consistent with 2024. Overall 2025 is almost identical to 2024 in sales and dollar volumes. Inventory levels are at an all time high with days on market continuing to accumulate. Overall the market remains a “buyer’s market”, the Luxury Market appears “balanced” however parts are a “sellers market” depending on the community and property. Two bedroom condos are definitely a “buyer’s market” and will continue to be until either sales pick up or inventory contracts.

Read more about Los Cabos Real Estate Market:
https://caborealestateservices.com/why-the-los-cabos-real-estate-market-is-different/

MARKET SNAPSHOT

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.