Watch the above video as I discuss how the infusion of cash has rebuilt Cabo and the Real Estate Market…
After Hurricane Odile, the MX government and the insurance companies have already put $1.75 billion usd back into Cabo! The total amount to rebuild and improve Cabo San Lucas is estimated at $3.5 billion usd so only 50% has been put back into the city! If you live in Cabo or have visited Cabo during the last couple months, you know Cabo San Lucas is better than it has ever been. Can you imagine another $1.75 billion usd still coming to Cabo – WOW… #CaboStrong
The residential real estate market is recovering slowly here in Los Cabos. All the numbers are compared to the first five months of 2014. The residential market under $500k usd would normally take 2 years to sell. When a home is marketed correctly by using Social Media and Internet promotion, this price point is taking on average only six to nine months to enter escrow. Keep in mind or remember Cabo is a secondary housing market with NO financing – home purchases are made with CASH transactions. If your house is on the market and you are not seeing the same results, Contact US today and we will explain how our marketing services are different and much more effective than other offices.
Cabo Housing Market May 2015
The good news is that the numbers of sales (closed transactions) for the first five months has gone up a 4% to 167 transactions.
The total sales volume is down by 37% to $68.272.000 US Dollars.
Total numbers under contract are down a 40% to 129 transactions. The average sales price is down a 39% to $409,000 US Dollars.
Reviewing the numbers for condos and single family home market:
During the first five months of 2015, the total number of closed transactions for condos is down by a 21% to 71 units. The total sales volume is down by 30% to $25,230,000 US Dollars. The average sales price is down a 12% to $355,000 US Dollars. The list to sales ratio is up by one point to 91%.
Closed transactions for single family homes is up by 35% to 96 units. The total sales volume is down by 40% to 43,042,000 US Dollars. The average sales price is also down by 55% to $448,000 US Dollars. The list of sale ratio is down three points to 87%.
These numbers reflect a lack of sales for properties above one Million US Dollars. Total numbers of closed sales for properties above $1,000,000 US Dollars is down a 52% to only 14 closed escrows. The total sales volume is down by 72% to 19,578,000 US Dollars. The average sales price is down by 42% to $1,398,000 US Dollars.
As I stated in my video, we are starting to see $1 million dollar plus transactions enter and close escrow. As more of these large transaction occur, the average price point will dramatically increase. All around Los Cabos million dollar homes are being built – all anticipating the increase in high end sales. For example Chileno Bay Resort & Residences just a couple miles from my home are building amazing oceanfront condos that start at $1.8 million. Detached homes will exceed the $5 million mark and this is just one example of many…
If you would like to receive an update on a specific neighborhood please let me know and I’m more then glad to provide you with the numbers.
To find your NEW home / condo, begin your SEARCH HERE:
- Homes / Condos start as low as $34,000 – $15,000,000 US Dollars
- Vacant lots ranging from $2,400 – $21,000,000 US Dollars
At CaboProperties, we ONLY work with exceptional brokers that will assure YOU experience a safe, solid and secure “Cabo San Lucas Real Estate” transaction.
Until we meet along the beaches of Cabo…