Welcome to the latest episode of The Nick Fong PODCAST. Now that 2022 is coming to an end, let’s take a look at the Baja Sur market report. In today’s episode, Korey Riggs and Claudia Velo join Nick Fong to discuss how the real estate market in Cabo measures up. Then, they discuss what to expect going forward
Nick Fong is the broker and founder of Ronival Real Estate, the fastest-growing and now the largest real estate firm is all of Baja Sur. That being said, Nick has some solid inside info to present each week during his PODCAST show. Therefore, read on to see a first glimpse of the real estate market that moves fast both in Cabo and throughout every amazing city in Baja Sur.
Recent real estate market trends in Baja Sur
Over the last two years, the market trend has been focused on Condominiums, as Nick says in the video. As such, new construction has met that need very well over that time period. So to affirm that, Nick tells Claudia that condominiums have been quite popular, being sold more that any other type of real estate in Baja Sur.
Claudia asks Nick if anything has changed in the market now that the need for condos has been met so well. She’s looking to understand the latest real estate market trends as the year is coming to a close. After Nick affirms what the trend has been over the last two years, he tells her about the growing demographic coming to Baja Sur.
According to Nick, the growing buyer demographic in Baja Sur comes mostly from people moving away from California. Then, that growing demographic is partly coming from states like Tennessee and Arizona. Finally, Nick say that many Canadians are purchasing Baja Sur real estate – Nick reveals some of his own examples of this.
2022 market report for the third-quarter
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.
As Nick meets with Claudia Velo and Korey Riggs in this PODCAST, Korey asks Nick for a real estate market report update. According to Nick, it’s been quite a third quarter. Now that it’s deep into the fourth quarter now, people often wonder where the real estate market is heading over the next year according to Nick Fong.
Breaking down the year of 2022, Nick mentions that the first half of the year was the best he’s ever seen. That being said, the second half shows a slow down as the current global situation plays a role in the market. When you combine that with the fact that summer and fall are normally slower, there has been quite an impact on the market. On the positive side, Nick says that this winter has shown new growth in the real estate market.
To conclude, Korey asks Nick about the luxury real estate market, such as private developments. These types of properties are typically not placed in the MLS database. Amazingly, 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.
*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.
Ronival on YouTube
See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:
Thank you for reading Check out the Baja Sur real estate market report on The Nick Fong PODCAST. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.