Year End Real Estate Report: Baja California Sur
It’s traditional at this time of year to look back and see what the old year brought and what that might bode for the year to come. In real estate it’s no different. These statistics are from our Multiple Listing Service for 2013 versus 2012. Although we know they are not 100% accurate (agent input error) they are the best we have available.
What we’re seeing, and these numbers back that up, is that the market picked up in 2013 with more sales logged for condos, single family homes, and even raw land. That said, the median sales price (point at which half the sales are above and below) fell for condos and land, and was stable for single family homes. It is still a buyer’s market, and bargains are being had. But that is part of any market recovery. All in all I’m very encouraged by the year we’ve had and the year to come.
One caveat about this report: it is for the whole state. And the market is distinctly different among the various areas. For example, the inventory of condominiums in La Paz more than doubled—an increase of 116%. But on the Cabo San Lucas section of the corridor the inventory dropped by nearly half – a decrease of 45%. You may want to contact me for the breakdown in your exact location.
Sold: This year: 146 Last year: 150 Percent Change: -2
Number Under Contract: This year: 180 Last year: 162 Percent Change: +11
Sold Volume: This year: 40,915,636 Last year: 46,584,254 Percent Change: -12
Average Sale Price: This year: 280,244 Last year: 310,562 Percent Change: -9
Median Sale Price: This year: 199,340 Last year: 216,000 Percent Change: -7
Percent of Asking Price Received: This year: 90 Last year: 90 Percent Change: 0
Number on Market: This year: 959 Last year: 1104 Percent Change: -13
Sold: This year: 203 Last year: 185 Percent Change: +9
Number Under Contract: This year: 212 Last year: 203 Percent Change: +4
Sold Volume: This year: 139,445,888 Last year: 106,240,119 Percent Change: +31
Average Sale Price: This year: 686,926 Last year: 574,271 Percent Change: +19
Median Sale Price: This year: 279,000 Last year: 275,000 Percent Change: +1
Percent of Asking Price Received: This year: 88 Last year: 89 Percent Change: -1
Number Currently on Market: This year: 1451 Last year: 1315 Percent Change: +10
Sold: This year: 136 Last year: 125 Percent Change: +8
Number Under Contract: This year: 151 Last year: 128 Percent Change: +17
Sold Volume: This year: 26,782,765 Last year: 25,735,432 Percent Change: +4
Average Sale Price: This year: 196,932 Last year: 205,883 Percent Change: -4
Median Sale Price: This year: 78,500 Last year: 91,666 Percent Change: -14
Number Currently on Market: This year: 2097 Last year: 2025 Percent Change: +3
Sold: number of transactions completed
Under Contract: number of accepted offers
Sold Volume: value of all transactions
Average Sale Price: the numerical average: in this market HIGHLY DECEIVING
Median Sale Price: point at which half the transactions are above and the other half below
Percent of Sale Price: also deceiving as it does not account for price reductions
On Market: Currently for sale
Carol Billups is Broker/Owner of Cabo Realty Pros. She has enjoyed working with both buyers and sellers for over twelve 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.
© 2013 Carol S. Billups