2 days on the MLS, 7 Real Estate tour requests, and 1 offer to purchase “sight unseen.”
Courtesy of Destino Magazine
This is not the Cabo Real Estate Market of yesteryear where the average time on market was 404 days. Historically, August and September were the months where brokers and agents could choose to travel for ten weeks while getting re-energized for the unofficial start of high season on October 15th. My colleagues and I could take trips North or, even better, go explore mainland Mexico while no one would realize that we were gone. This year we are lucky if we can spend a Sunday morning on the beach before getting back to work fielding tour requests and questions from clients about available properties.
The numbers speak for themselves. Summer 2015 (June, July, and August) saw 42 homes sell. Compare that with Summer 2016 and MLS data shows 75 homes selling, nearly double. September 2016 numbers have not been released as of the writing of this month’s column but based on the conversations I have had with my fellow MLS AMPI Realtors during showings and contract negotiations, September ‘16 will be one for the record books.
Activity levels in Los Cabos typically see an increase like the one we are currently experiencing when the Canadian dollar strengthens and the US economy is booming. Although the US stock market is hovering near record high levels, there is another factor that is boosting investment in our area… the Citizens of Mexico. For many years picturesque locations like Tulum, Acapulco, Puerto Escondido, and Cancun were the premier destinations for local family vacations. Lately mainland families are discovering how perfect Cabo is too. Believe it or not, most Mexicans do not think of Cabo San Lucas or the Baja as even being a part of Mexico! In the same vein that many US Citizens disregard Hawaii as a state or Puerto Rico as a US territory, the Baja has been cast-off as some place in the middle of nowhere. In fact, I have received more calls from Mexican buyers over the last six months than US or Canadian buyers combined!
Add all of this together with fresh developer inventory and constant new construction and you have a thriving destination for North Americans from every corner, leading us back to my latest listing. 2 days on the MLS, 9 tour Requests, and 1 offer to purchase “sight unseen.”