Living in Los Cabos: Year End Report
Everyone says they love to read my year-end reports; I’m a little late this year because of the hubbub with changing our name and running some killer open houses. Here is the raw data I pulled from our Multiple Listing Service (FLEXMLS) for the period of January 1 until December 31, 2011. The news is actually better than I expected.
I had thought our prices had hit bottom, and the mid-year stats seemed to indicate that, but the second half of the year proved me wrong. The good news is that (and actually I’ve seen this but didn’t realize it was the same for everyone) although prices are down volume of sales is up in almost every category. Prices do seem to be holding for single family homes in the cities, but for condos and properties on the corridor there was an additional adjustment. Gee, and I thought we were just good negotiators.
Overall there were significantly more sales in 2011 than 2010; my prediction is that 2012 will be even better. I’m judging that on the number of sales and tours we’re having in the first two weeks of the month. That said, we’ve got a ton of inventory we’ve got to work through. As of today, January 18, 2012 there are:
- 486 condos
- 501 single family homes
- 497 building lots
for sale in Cabo San Lucas, San Jose and the Corridor. It could take YEARS to make that go away, but it also tells me sellers are going to have to compete for transactions in the foreseeable future, and that’s great news for buyers. If you’ve ever dreamed of owning a home here in Cabo the situation will never be better.
Carol Billups is Broker/Owner of Cabo Realty Pros. She has enjoyed working with both buyers and sellers for over eleven years and still thinks hers is the best job on earth. She is also the real estate columnist for Los Cabos Magazine. You can read more of her articles on the website blog www.caborealtypros.com. You can reach her from the U.S. or Canada at 1-760-481-7694, or in Cabo at 044-624-147-7541. You can listen to our 24/7 broadcast on http://www.livecabo.net for a mix of happy music, weather reports and local information.
© 2012 Carol S. Billups
written by Luis Miranda, January 18, 2012