The numbers are in for the first quarter of 2015. Although the numbers are up from the first 2 months of 2015, overall the numbers are down 40% from the previous year. Some important notes as to why the numbers are down:
- Hurricane Odile – still only 80% of high end resorts have reopened after the storm. High end market suffers slightly due to the lack of high-end buyers
- Takes on average 60 – 90 days to close escrow. These numbers report Closed Transactions so these numbers are from homes that entered escrow during the first 2 months of 2015
- Cabo San Lucas is a secondary home market consisting primarily of CASH BUYERS!
- Most real estate agents simply places a house on the MLS hoping it will attract buyers! Putting homes on the MLS is NOT enough! Agents must market the home on Social Media and across the Internet for exposure. This is why working with CaboProperties is a great decision as we are successful Online Marketers / Promoters…
- Average home in Cabo San Lucas remains on the market between 1 and 2 years!
Closed Transactions for residential real estate has increased 7% to 130 transaction during the first quarter of 2015.
The total sales volume from January 1 to April 30, 2015 on homes and condos is down by 35% to $52,351,000 usd with the average sales prices down by 40% to $403,000 usd.
The condo market has suffered a little bit more than the single family home. The total sales volume is down by 27% to $20,034,000 usd and the average sales price is down 57% to $425,000 usd.
Total sales for single family homes are also down 39% to $32,316,000 usd with the average sales price down 57% to $425,000 usd.
The percentage of list to sold price for condos are stable at 89% and for single family homes decreased by 2 percentage points to 87%,
The higher end market is suffering the most as the luxury high end resorts are still under renovation. The lack of the high end buyer is pushing the average sales price down. With the Palmilla One & Only now open, we should be seeing an increase in the high end sales…
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…