As the year 2022 comes to a close, it’s time to evaluate the Baja Sur market report on this latest episode of The Nick Fong PODCAST. Today, Nick Fong meets with Claudia Velo and Korey Riggs to discuss the situation of the real estate market in Los Cabos and what to expect in the following months.
As the founder and broker of Ronival Real Estate, Nick Fong has grown this brokerage to become both the largest and the fastest-growing firm in all of Baja California Sur. As such, he’s got some great information to share, week-after-week in The Nick Fong PODCAST.
Now, keep reading to get the first glimpse into a real estate market that moves fast not only in Los Cabos but also in other places in Baja California Sur, Mexico.
The third-quarter market report
Meeting with Korey Riggs and Claudia Velo in a video chat, Korey asks Nick for a real estate market report update. According to Nick, it’s been quite a third quarter. Being well into the fourth quarter now, people are wondering where the real estate market is heading for the next 12 months as the year comes to a close.
So far this year, well over 2500 units have already closed within the MLS database. That represents $1.5B USD. Yes, that was a “B” for billion. As Nick says, this has by far been the best year to date for the real estate market in Baja Sur. Amazingly, that doesn’t account for the 1400 units under contract already, which is another $900M USD. That will make nearly $2.5B USD for 2022 overall.
Interestingly, Korey brings up the luxury real estate market, like private developments, which typically do not go into the MLS database. Those represent another billion USD in themselves, making the total come to a staggering $3.5B USD in total throughout Baja Sur as a whole.
To break down the year 2022, Nick says that the first half of the year was the best he’s ever seen. But of course, the second half shows a slow down as the current global situation plays a role in the market. That, combined with the fact that summer and fall are normally slower, has made an impact. But as Nick also mentions, this winter has shown some amazing growth.
Latest trends in the real estate market
In the video, Claudia asks Nick about the latest trends in the Baja Sur real estate market. She points out what the trends have been over the last two years and asks if anything has changed. Nick responds by saying that the trend over the last two years has been condos – the most popular type of property sold in Baja Sur.
With new construction that has taken place of the last two years, that need was met quite well according to Nick. Now, there has been a transition in buyer mentality. In recent weeks, interest rates have dropped, helping the market. People are cautious right now, and waiting to make their purchases in Baja Sur.
The growing buyer demographic coming to Baja Sur are mostly people moving away from California and partly from other states like Arizona and Tennessee. Also, many people from Canada are buying real estate in Baja Sur, as Nick reveals from his own examples.
*The podcast was aired on @cabomilnews9761 on November 20, with the hosts Claudia Velo and Korey Riggs.
Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions You can also schedule a time to show you around this breathtaking location.