Los Cabos Residential Real Estate Market Report

2025 Q1 Market Report

April 21, 2025

REPORT COMMENTARY

In the first quarter of 2025, we experienced a continuing surge in sales. Q1 saw sales of $559m USD under contract, up 70% from Q4. Unit volume was 391 sold, up 50% from Q4. 2025 Q1 has come in as the 2^nd highest quarter in history only being eclipsed by 2022 Q1.

Average and Median house prices jumped again in Q1 driven by increased volume above $1m USD changing the sales mix. The over $1m range represented 77% of the market dollar volume. Continuing the trend from Q4, multiple sales over $10m occurred with the highest sold at $28m. Six sales for a total of $95.1m occurred above the $10m mark. The $2m to $5m price point led the luxury segment with 48 sales and a sales dollar volume of $166m. The market in Los Cabos is becoming much more luxury focused with strong demand above $1m USD.

The average Days on Market (DOM) for houses and condos grew longer. Houses increased from 109 days to 144 days while Condos increased from 116 days to 128 days indicating some moderation in buyer demand.

Inventory in Q1 increased again to levels never previously seen with 2,122 houses and condos for sale. Over 60% of the current inventory consists of completed houses and condos, totaling 1,352, surpassing pre-construction properties at 821 houses and condos. This represents increased selection for buyers at a time when demand remains strong. Further increases in inventory will pressure serious sellers to get prices right.

Price reductions remained a common theme into 2025 and continued to be a regular occurrence through Q1. The numbers for Q1 2025 were surprising with 633 price reductions for a single quarter compared to 1,189 for all of 2024.

NEW IN THIS REPORT

With inventory growing to never-before-seen levels, we have added a new report in Page 18 showing the makeup of the current inventory by Houses and Condos and by price point. We have also included DOM statistics at each price point. The current inventory of 2,122 houses and condos have a dollar value based on list prices of $2.616 Billion US Dollars. This is broken down as $1.003B in Condos and $1.613B in Houses. Days on Market results are surprising with the $2m + ranges for both Condos and Houses accumulating 200 – 300 DOM.

LOS CABOS MARKET DIRECTION

Buyer interest in the market remained strong in Q1. Combined with rising and aging inventory the market remains poised as a “buyer’s” market.

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.