Taking time out of a busy schedule to visit Los Cabos is a good idea any time of year. When travelers are looking to vacation in style, Los Cabos has the scenery, upscale fun, activities, and attractions that make for an unforgettable stay. With all of the activity, many owners find themselves asking, “Is now a good time to sell in Cabo.”
While a visit here is always a thrill no matter what your interests may be, those who are looking to make a more permanent investment will find that in 2023, the Cabo real estate market is primed for potential. Sellers in particular will be happy to discover that now is an ideal time to upgrade their current Cabo residence for something that elevates their year-round living and/or makes for a breathtaking vacation home.
Luxury Buyers Propel the Market to New Heights
While the global health crisis of 2020 stalled the real estate market just about everywhere for a period of time, in Los Cabos, tourism is back and stronger than ever in 2023. By the end of 2022, Forbes was highlighting Los Cabos, Mexico as one of the biggest second home markets in all of North America. This trend has seen many vacationers transition to buyers as they look for their piece of paradise to enjoy on a more permanent basis. For sellers looking to profit in Cabo, this world-class destination is offering up a strong and exciting market to be a part of as interested buyer numbers continue to grow. The team at CBRE Hotels put together a report looking specifically at Los Cabo’s market growth over the last five years and found the area is experiencing an annual growth rate of nearly 6% overall. For sellers, this is even better news.
The luxury real estate in Los Cabos provides an even more exciting prospect for those looking to sell as the most exclusive inventory remains relatively low. This provides sellers with a greater amount of control over their selling price and how they choose to accept property offers. Overall, sellers are seeing increased interest in luxury properties from American and Canadian buyers. With new direct flights between Los Cabos and Europe, the expectation is that sellers will be seeing an influx of European buyer interest in the near future as well.
Market Factors to Consider in 2023
In Los Cabos, those looking to sell are still seeing the high-end market range as listing above $1 million. At the end of 2022, resale was accounting for around 90% of property sales in Los Cabos with 30% to 40% of all residential sales falling within the high-end market category. From the U.S., there are a high number of buyers hailing from California and Texas, while market interest is also being noted as primarily coming from Chicago, New York, and Mexico City.
According to the Cabo Real Estate Services 2023 first-quarter market report, the market continues to flourish for sellers. In quarter one, the Los Cabos real estate market saw over $500 million in sales as opposed to quarter four in 2022. This puts sales volumes up by 48% and a total of 545 houses and condos sold within the first quarter timeframe. The most lucrative price point for sellers is holding steady between $2 million and $5 million listings. Quarter one inventory remained steady as well and real estate agents were seeing existing properties moving briskly. Overall market direction is noted as strong in Los Cabos in 2023, particularly for existing properties as opposed to new construction.
When You’re Ready to Sell, Partner with Cabo Platinum
Those who own homes in Los Cabos know just how appealing this sunny and one-of-a-kind destination can be year-round. That said, there’s no reason not to upgrade when you’re looking for something new in Los Cabos. Whether you’re looking forward to a new view, are hoping to swap neighborhoods, or just want to be closer to places you love to spend time, the team at Cabo Platinum is always here to help.
Our Cabo real estate services are world-class, and we know the Los Cabos real estate market fluently. We help homeowners looking to sell market and price their homes competitively so their new journey can get started faster than ever. Our guidance and assistance with financial planning can make all the difference when it comes to creating a real estate transaction that’s smooth and streamlined. We know how to navigate market fluctuations and help place your home in front of the eyes of buyers who are looking to close quickly. We’re also ready and waiting to help you find your new home once your current residence is ready to hit the market.
Luxury real estate is our passion and our area of expertise. When you’re looking to learn more about how we can help you sell your home and find the next residence of your dreams, simply reach out to Cabo Platinum. Our team of expert real estate advisors can’t wait to hear from you!