Los Cabos Market Summary for September 2024
Los Cabos Market Summary Report: September 2024 compared to September 2023
Overview: The real estate market in Los Cabos has shown a diverse trend over the past year when comparing September 2024 to September 2023. Both homes and condos have experienced shifts in pricing, days on market, and total sales, reflecting changes in demand and market conditions.
HOMES MARKET COMPARISON
September 2024:
- Average List Price = $1,804,557
- Average Sales Price = $1,114,272
- Average Days on Market = 282
- Number of HOME sales = 36
September 2023:
- Average List Price = $1,836,491
- Average Sales Price = $720,592
- Average Days on Market = 245
- Number of HOME sales = 50
Key Takeaways:
Price Trends: The average list price for homes decreased slightly by 1.74%, from $1,836,491 in 2023 to $1,804,557 in 2024. However, the average sales price saw a significant increase of 54.65%, reaching $1,114,272 from $720,592.
Days on Market: The average days on market for homes extended by 15.1%, moving from 245 days in 2023 to 282 days in 2024. This indicates a slower sales cycle, possibly due to changes in buyer interest or economic conditions.
Number of Sales: The number of homes sold dropped by 28%, from 50 sales in September 2023 to 36 sales in September 2024. This decrease could suggest a cooling market or reduced inventory.
CONDOS MARKET COMPARISON
September 2024:
- Average List Price = $761,169
- Average Sales Price = $792,840
- Average Days on Market = 233
- Number of HOME sales = 28
September 2023:
- Average List Price = $714,162
- Average Sales Price = $721,360
- Average Days on Market = 304
- Number of HOME sales = 86
Key Takeaways:
Price Trends: The average list price for condos increased by 6.58%, from $714,162 in 2023 to $761,169 in 2024. Similarly, the average sales price grew by 9.91%, reaching $792,840 compared to $721,360 in 2023.
Days on Market: The average days on market for condos decreased by 23.36%, from 304 days in September 2023 to 233 days in September 2024. This suggests that condos were selling faster this year.
Number of Sales: The number of condos sold experienced a notable decrease of 67%, from 86 sales in 2023 to 28 sales in 2024. This drop in sales volume may reflect reduced buyer activity or a lower availability of condo units.
Summary and Analysis:
The Los Cabos real estate market has shown mixed trends in 2024 compared to 2023. The home market saw a rise in average sales prices, indicating that sellers were able to achieve higher closing prices, but with fewer transactions and longer selling times. On the other hand, the condo market also experienced price appreciation and a shorter time to sell, yet it faced a significant reduction in the number of sales. These trends could reflect varying levels of demand and supply in the two segments, as well as broader economic factors influencing buyer behavior.
Overall, the 2024 market seems to favor properties that are competitively priced and aligns with the current buyer expectations, especially in the condo segment, where sales prices surpassed list prices. The decrease in the number of sales suggests a need to closely monitor inventory levels and buyer interest in the coming months to anticipate future shifts in the market.
