Baja California Sur
Real Estate Market Report
The full board: ten zones, three property types
Across the full Baja California Sur MLS board — all ten zones and all three property types — the market recorded 874 closed transactions in the first half of 2026, totaling roughly $726.8M in combined sales volume, against 4,411 active listings board-wide at period’s end. Residential remains the dominant segment by both count and volume (640 closings, $631.7M), followed by land (201 closings, $68.4M) and a much smaller but higher-ticket commercial segment (33 closings, $26.6M).
The five core Los Cabos zones (Cabo San Lucas, Cabo Corridor, San José del Cabo, San José Corridor, East Cape) still account for the majority of residential activity — 447 of 640 closings (70%) — but the five northern and Pacific-facing zones (La Paz, Loreto, Pacific, Comondú, Mulegé) contributed a further 193 closings and 753 active listings, led overwhelmingly by La Paz and the Pacific corridor (Todos Santos / El Pescadero area).
Los Cabos–wide residential months of supply stands at 23.6 months — well above the 5–6 months generally associated with a balanced market — and the volume-weighted average sold-to-list ratio across the five Los Cabos zones was 95.3%, indicating sellers are still capturing close to asking price on individual transactions even as overall inventory favors buyers. Commercial activity is thin (only 33 closings board-wide this half) and concentrated almost entirely in Cabo San Lucas and the Cabo Corridor, which together account for 30 of the 33 board-wide commercial closings.
Where the market closed this half
Closed sales and active inventory, zone by zone
| Zone | Closed (H1’26) | Median sold price | Median $/sq ft (sold) | Avg. sold/list | Active listings | Months of supply |
|---|---|---|---|---|---|---|
| Cabo San Lucas | 86 | $258K | $182 | 95.3% | 439 | 30.6 |
| Cabo Corridor | 154 | $373K | $232 | 95.5% | 661 | 25.8 |
| San Jose del Cabo | 121 | $420K | $296 | 95.2% | 350 | 17.4 |
| San Jose Corridor | 61 | $3.05M | $621 | 95.0% | 201 | 19.8 |
| East Cape | 25 | $459K | $234 | 95.3% | 112 | 26.9 |
| Comondu | 1 | $85K | $226 | 86.7% | 2 | 12.0 |
| La Paz | 89 | $331K | $183 | 96.5% | 305 | 20.6 |
| Loreto | 28 | $487K | $249 | 94.8% | 63 | 13.5 |
| Mulege | 0 | — | — | — | 1 | — |
| Pacific | 75 | $615K | $277 | 94.2% | 382 | 30.6 |
| Board-wide total | 640 | $987K* | — | 95.3% | 2,516 | 23.6 |
Land trades thinner than residential, with two clear hubs
| Zone | Closed (H1’26) | Median sold price | Active listings | Median list price |
|---|---|---|---|---|
| Cabo San Lucas | 14 | $138K | 128 | $550K |
| Cabo Corridor | 7 | $250K | 80 | $365K |
| San Jose del Cabo | 24 | $227K | 120 | $457K |
| San Jose Corridor | 15 | $1.15M | 73 | $1.68M |
| East Cape | 35 | $119K | 430 | $150K |
| Comondu | 0 | — | 4 | $695K |
| La Paz | 46 | $127K | 338 | $240K |
| Loreto | 5 | $125K | 55 | $198K |
| Mulege | 0 | — | 5 | $111K |
| Pacific | 55 | $160K | 455 | $240K |
| Board-wide total | 201 | — | 1,688 | — |
A small, concentrated segment centered on Cabo San Lucas & the Corridor
| Zone | Closed (H1’26) | Median sold price | Active listings | Median list price |
|---|---|---|---|---|
| Cabo San Lucas | 13 | $110K | 84 | $173K |
| Cabo Corridor | 17 | $215K | 80 | $253K |
| San Jose del Cabo | 2 | $442K | 19 | $420K |
| San Jose Corridor | 0 | — | 2 | $1.74M |
| East Cape | 0 | — | 1 | $5.20M |
| Comondu | 0 | — | 0 | — |
| La Paz | 0 | — | 8 | $1.06M |
| Loreto | 0 | — | 4 | $804K |
| Mulege | 0 | — | 1 | $1.00M |
| Pacific | 1 | $350K | 8 | $1.25M |
| Board-wide total | 33 | — | 207 | — |
Two distinct markets on one MLS board
| Region | Closed (H1’26) | Active listings | Closed sales volume | Share of board-wide closings |
|---|---|---|---|---|
| Los Cabos (5 zones) | 574 | 2,780 | $544.0M | 66% |
| La Paz / Loreto / Pacific / Comondú / Mulegé | 300 | 1,631 | $182.7M | 34% |
| Board-wide total | 874 | 4,411 | $726.8M | 100% |
Cabo San Lucas: year-over-year, first half
| Period | Closed sales | Avg. sold price | Median sold price | Avg. DOM |
|---|---|---|---|---|
| H1 2025 (Jan–Jun) | 118 | $686K | $334K | 302 |
| H1 2026 (Jan–Jun) | 86 | $610K | $258K | 311 |
Closed sales ▼ 27.1% · Median price ▼ 23.0% · Average price ▼ 11.2%
What this half means for buyers, sellers, and investors
- Los Cabos-wide residential inventory sits at 23.6 months of supply — a buyer’s market by conventional standards — while La Paz and Pacific offer additional, often lower-priced alternatives with substantial active inventory (305 and 382 active listings, respectively).
- The average closed sale still transacted at 95.3% of list price Los Cabos-wide, so well-priced, well-located listings are not selling at steep discounts — be prepared to move decisively on the right property.
- Land remains comparatively affordable and abundant in East Cape (430 active parcels) and Pacific (455 active parcels), offering entry points for buyers not ready to transact on developed residential product.
- Cabo Corridor and La Paz posted the highest residential closed-sale counts this half (154 and 89 transactions respectively), suggesting the deepest current buyer demand in those two zones.
- With months-of-supply elevated across most Los Cabos zones, sellers should benchmark against genuinely comparable recent closings (not asking prices) when setting list price to avoid extended market time.
- Commercial sellers should expect a thin buyer pool board-wide (33 closings across all ten zones this half) and price accordingly for a longer, more negotiated marketing process outside of Cabo San Lucas and the Corridor.
- Board-wide, total closed sales volume across all property types reached $726.8M this half, with residential contributing 87% of that volume.
- Pacific (Todos Santos / El Pescadero) posted the highest average residential sold price of any zone board-wide ($1.30M), pointing to a premium beachfront niche outside traditional Los Cabos.
- La Paz, Loreto, and Pacific collectively represent a growing secondary market worth tracking for early-cycle appreciation potential, though liquidity remains materially lower than in core Los Cabos zones.
H2 2026 Outlook: continued buyer leverage in Los Cabos, with La Paz and Pacific gaining share
Given elevated months-of-supply across most Los Cabos zones, the near-term path of least resistance is continued buyer negotiating power on days-on-market and terms, even as sold-to-list ratios in the mid-90s% suggest sellers are not broadly capitulating on price. Watch Cabo Corridor and La Paz — the two zones combining the highest residential transaction counts this half — as likely bellwethers for market direction into the second half. Cabo San Lucas’s year-over-year softness in closed volume and median price (see Trend Spotlight above) bears watching, though it should be read alongside strong closing activity in La Paz and Pacific, which may reflect some buyer demand migrating toward value outside core Los Cabos rather than a market-wide slowdown.
Commercial activity board-wide is likely to remain a low-volume, opportunistic segment through H2, concentrated in Cabo San Lucas and the Corridor. Land activity should continue to track residential demand in each region, with East Cape and Pacific remaining the deepest land inventories on the board.
How this report was compiled
Source: All figures were pulled live from the Flexmls MLS platform serving the Baja California Sur board, using the “1 – Residential” Quick Search template (Condos, Houses, and Reservations Only combined) for eysidential figures, the “3 – Land” template for land figures, and the “4 – Commercial” template for commercial figures. Each of the board’s ten zones (Cabo San Lucas, Cabo Corridor, San José del Cabo, San José Corridor, East Cape, Comondú, La Paz, Loreto, Mulegé, Pacific) was queried individually for each property type using the MLS’s Stats tab, which reports listing counts and average/median/low/high statistics for the active filter set. Board-wide (no-zone-filter) totals were independently queried and reconciled against the sum of the ten individual zone queries for both Land and Commercial to confirm data completeness.
Date scope: “Closed” figures reflect Sold Date between January 1 and June 30, 2026 inclusive (first half, “H1 2026”). “Active” figures reflect a live snapshot taken July 20, 2026. The Cabo San Lucas trend spotlight additionally reflects a Sold Date range of January 1–June 30, 2025 (“H1 2025”) for year-over-year comparison.
Property type coverage: “Residential” is the MLS’s combined Condos / Houses / Reservations Only search scope. Land (undeveloped lots) and Commercial (income and business-use properties) are reported as separate categories throughout.
Known limitations:
- Year-over-year trend statistics were compiled for Cabo San Lucas only, as the board’s highest-volume single zone, rather than for all ten zones individually. No quarter-over-quarter comparison is shown in this half-year report.
- Commercial and, in some zones, land closed-transaction counts are very small this half (e.g., commercial closings of zero or one in seven of ten zones), which sharply limits the statistical reliability of average and median price figures for those cells specifically. Medians are used in preference to averages throughout the commercial and land sections for this reason, and several average figures noted in the underlying data are visibly skewed by single outlier properties.
- The board-wide average price per closed sale ($832K) is a transaction-volume-weighted average across zones and property types with very different price levels, not a single-market median; it is included for total-volume context only and should not be read as a typical or nepresentative transaction price.
- Months-of-supply figures in this report (residential only) are calculated on a six-month closing pace (active ÷ (H1 closed / 6)); this metric is undefined (shown as a dash) for zones with zero H1 residential closings, such as Mulegé.
- Square-footage figures in the underlying MLS data showed some inconsistent formatting on individual listings and were treated as directional; $/sq.ft. figures in this report are the MLS’s own calculated fields.
- This report reflects a point-in-time snapshot of MLS-listed inventory and closed transactions and does not include off-market, pocket-listing, or non-MLS-member transaction activity that may also be occurring across the Baja California Sur market.
