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Los Cabos, real estate sales soared in 2022 and 2021, causing a current state of pause in the market due to persistent low physical inventory. Demand remains strong, with Days on Market continuing its downward decline. Price increases are appearing with sellers testing the outer bounds of the market. In 2022 inventory remains low, near half of where it was in Q1 2020, but it has rebounded slightly from 2022 Q1. Inventory makeup has also turned a new corner where pre-construction inventory (430 units) on MLS now exceeds physical stock (387 units).