Q2 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, July 13, 2017

Thanks for checking in with us regarding the real estate market in sunny Big Bear Lake CA. The 2nd Quarter of 2017 is now "in-the-books," so let’s catch up on the happenings in the Big Bear real estate market, shall we?

The Sales Story is One of Healthy Demand

Big Bear Real Estate - Sales by Area - June 2017The story so far in 2017 has been one of healthy demand for Big Bear vacation homes. The total number of residential sales from January through June 2017 vs. the same period in 2016 increased a substantial 14.2% (596 in 2017 vs. 522 in 2016). Moonridge and Fox Farm were the areas that saw the lion's share of this growth in sales with a 37.9% rise in Moonridge (120 in 2017 vs. 87 in 2016) and an incredible 55.6% increase in the Fox Farm area of Big Bear (42 in 2017 vs. 27 in 2016). Check out our website for more information and to see properties available in these and other popular areas.

Big Bear Real Estate - Sales by Price Range - June 2017Also interesting to note is that the distribution of sales in different prices ranges has changed dramatically. In the past, it has been the price range of $0 - $250,000 and more recently also that of $250,000 – $500,000 that have benefited most from the boost in number of sales. So far this year however, the price range of $500,000 - $750,000 is up 30% (39 sold Jan-June in 2017 vs 30 in 2016) and the price range between $750,000 - $999,000 has seen a whopping 166.7% surge (16 sold 2017 vs 6 in 2016).  To search for properties by price or area, visit the Simply Search page on our website.

With so many more properties changing hands this year than last, to what can we attribute this considerable increase in demand? While interest rates are currently still at historically low levels, they have been on the rise of late and experts predict to see a 5.5% - 6% rate on 30-year fixed mortgages by the end of 2019.  So, many are looking to buy now and lock in a great rate on an awesome vacation home in Big Bear. That, coupled with increased optimism about Big Bear’s potential for growth (with our two local ski resorts being recently purchased by Aspen Ski Co.), seems to have brought a lot of would-be buyers off the fence and into escrow in the first half of 2017, which is really good news for all concerned.

Prices Have Also Been on the Rise

Big Bear Real Estate - Average Sales Price - June 2017The average price of all residential homes sold January – June 2017 vs. the same period of 2016 has increased 4.9% (from $296,775 in 2016 to $311,298 in 2017). This price appreciation in Big Bear, although slow and steady as compared to many areas, has certainly been bringing more sellers to the market. But so far anyway, demand has been able to keep pace and absorb most of this new supply. Even though we currently have 553 Active listings (vs. 379 in the middle of April), based on the number of homes currently in escrow and on a typical 45-day closing period, this equates to a 4.8 month supply (up from 3.8 months in April). Keep in mind that 6 months of supply is considered a "balanced market"; whereas, 8 months of supply is considered a strong "buyers-market" and 4 months and below a strong "sellers- market."

As the year continues, it will be very interesting to see if a rising number of Big Bear buyers scoop up enough homes to keep up with the expanding inventory. Or if not, perhaps the later part of 2017 will evolve into more of a "buyers market." Stay tuned, as we will keep you posted and do let us know if you have any questions on the market, on anything you see for sale here, or on your homes current value. We are happy to help and look forward to hearing from you. Until next time: All the best and happy hunting!

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, June 16, 2017

Hello and thanks for checking in with us. It is hard to believe, but almost half of 2017 has already passed us by, so let’s get caught up on the Big Bear real estate market.

Demand Remains Strong…

In the first five months of 2017 (Jan - May) There were 474 closed residential sales here in Big Bear vs. 417 closings over the same period in 2016. That equates to an impressive 13.7% increase in closed sales so far this year. The month of May itself (116 in 2017 vs 85 in 2016) saw an extraordinary 36% increase in residential sales. Certainly, a remarkable start to the year. In fact, we have not seen this number of closings in the first five months of any year since 2008. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, April 17, 2017

Hello and thanks for checking in with us on Big Bear’s unique, resort real estate market. The first quarter of 2017 is in the books, so let’s take a look at what has transpired in Q1 of 2017.

The Big Bear real estate market started strong in 2017 as the 86 residential closings we saw this January were the most sold in the month of January in over 10 years. But now that the ski season has passed, the market has slowed a bit. Tax time is notoriously slow in Big Bear, but that too shall pass. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, March 2, 2017

Hello and thanks for checking in with us regarding the Big Bear real estate market. It is hard to believe, but the first quarter of 2017 is already more than half way complete. So let’s get caught up on what has been happening with Big Bear’s unique real estate market shall we?

January Marked a Strong Start to 2017

January in Big Bear has historically been a month where we see sales begin to slow, as there are typically fewer homes on the market in the winter months as well as fewer home buyers in the market.  January 2017, however, seems to have bucked this trenBig Bear Real Estate: January Residential Closingsd as there were 86 residential closings as compared to 66 in January 2016, an incredible 30.3% increase! In fact, the 86 closings we saw this January are the most sales we have seen in the month of January in over 10 years.

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By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, December 14, 2016

Thanks for checking in with us on the Big Bear real estate market. This year has seemingly flown by once again. With the holiday season right around the corner, let’s get caught up on the happenings in Big Bear’s unique resort market.

Residential Sales Relatively Flat, Shift to Higher Price Continues

2016 has been a solid year for real estate in Big Bear. The number of residential sales overall (Jan-Nov 2016 vs. the same period last year) was relatively unchanged,Big Bear Real Estate - Sales by areaBig Bear Real Estate: Sales by Price Range posting a slight decrease of 1% with 1,074 closings in 2016 vs. 1,085 in 2015.

It is interesting to note the distribution of sales in the different areas of Big Bear as well as in different price ranges. The trend we have seen, where the bulk of the demand is moving up from the $0 - $250k price range and into the $250k - $500k price range, is still very much in effect. In fact, 3 years ago, 65% off all residential sales occurred under $250k (and 28% were between $250k -$500k,) whereas now 49% are under $250k and 42% are in the $250k-$500k range. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, November 23, 2016

First off, all of us at The Mike Sannes Real Estate Team would like to wish you and yours a fantastic Thanksgiving holiday. Thanksgiving is an amazing and truly American holiday that brings together family and friends to give thanks and celebrate the many blessings for which we are all grateful. Family, friends, great food and football, who could not be grateful for that! We hope you all enjoy a wonderful holiday weekend!! ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, October 9, 2016

Thanks for checking in with us regarding the Big Bear real estate market. Let’s get right to it.

The 3rd quarter of 2016 is now in the books, so let’s take a look at the current "state of the market" as we prepare to slide into winter. There are currently 527 active residential listings on our Big Bear MLS and, as there are 197 homes currently in escrow, that equates to 4 months of inventory based on a typical 45 day closing.

My How Times Have Changed

The days of the ‘distressed market’ in Big Bear have passed: only 1.3% of our active inventory is ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, September 23, 2016

The long warm days of summer have recently transitioned into chilly (more like freezing) mornings here in Big Bear. But the Big Bear real estate market is not showing any signs of cooling off as we head into Fall. Thanks for checking in with us on the Big Bear real estate market. Let’s get caught up on what transpired in our unique resort market this summer, and look at what that indicates about what we can expect going forward.

Number of Homes Sold Down a Slight 3.1% ...

Through August of this year (as compared to the same time frame last year), the total number of residential properties that changed hands decreased slightly: Down 3.1% (720 closed Jan-Aug ...continue reading

By Mike Sannes, June 18, 2016

Hello from beautiful Big Bear Lake and thanks for checking in with us regarding the Big Bear real estate market. Summer is here and, as the first half of 2016 has literally flown by, let’s get caught up on the happenings in Big Bear’s unique resort market.

Big Bear’s real estate market is primarily driven by vacation home and 2nd home buyers, but as with all markets, supply and demand certainly still influence price.

On the Supply Side

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By Mike Sannes, March 10, 2016

Thanks for checking in with us regarding the Big Bear real estate market. Let’s take a look at the start of 2016.

Residential Sales by AreaResidential sales in Big Bear jumped 3.2% in January compared with the same month a year earlier, and 6.5% year-over-year. A boost in sales in Big Bear City (up 43.8% compared to January 2015) contributed the bulk of this increase. In January, 66 homes closed escrow up from 62 in January of 2015. However, January 2016 sales are down 43% from December 2015, when 115 homes closed escrow. That said, it is typical for sales to slow in the winter months here in Big Bear. ...continue reading