By Mike Sannes, June 12, 2014

Let’s take a look at the state of affairs in the Big Bear real estate market as we head into summer... May is typically a good ‘spring season’ indicator month and can also shed light on what to expect of the upcoming summer selling season.

Average Sales PriceThis May was very encouraging from a price perspective, as the average price of all residential property sold in May 2014 compared to the same month last year, increased 19%. Year-to-date through May, compared to last year, the average price is now up 9% in total. (At the end of April the average price was up 6.6%, so substantial price gains were seen this May)  Most of these price gains have come from high-end sales in Big Bear Lake area. However, Sugarloaf has also seen above market appreciation so far this year as well.

Average Sales PriceTransactions however tell another story. Closed residential sales in May were off a staggering 39% from last year. Closed sales year-to-date through May are off 22.8% and this, coupled with a 56% increase in supply from last year, indicate that buyers currently have the upper hand. There are currently 635 active listings on our Big Bear MLS vs. 554 last month and 405 this time last year.

So, what are we to make of this topsy-turvy market? Transactions have slowed for a number of reasons, but the fact there are very few foreclosures available and that investors have pulled back explains much of this ‘new’ market (I hesitate to call it ‘normal’ at this point.) Traditional buyers have taken a front seat and, overall, I think this bodes well for the market in general and for its continued effort to become more healthy and more stable.

It will be interesting to keep an eye on the supply side.  If we continue to have roughly 7.5 months of supply (a.k.a. a buyers market), we could see some downward pressure on prices before too long. Many sellers seem to be ‘testing’ the current market and some are becoming frustrated with the extended time-on-market we are seeing more regularly now. Multiple offer situations and bidding wars are very ‘last year’ and are not at all as common now.  That said, with the right marketing, well-priced homes are still regularly seeing good offers.

It feels like we are in the middle of a standoff currently, so we’ll have to stay tuned to see what gives in the coming months. Will transactions pick up and prices continue to hold? Or will this slow spring season take back some of the substantial price gains we have recently experienced? Most experts feel that there is little chance of prices going down overall.

Perhaps the market will continue to bounce along against a ceiling in the coming months. I do know that with the right combination of marketing and pricing, we have been providing great results for sellers here in Big Bear. And there are some great homes available to buy.  So, let us know  if you have questions on ANY homes you see for sale here in Big Bear.  Until next time, all the best and Happy Hunting.

By Mike Sannes, May 25, 2014

May 2014 Market Update Hello from Big Bear and thanks for checking in with us on the Big Bear real estate market. With Memorial Day fast approaching, which kicks off our local selling season, let’s get caught up on what has transpired this Spring and what that might indicate as we look forward to Summer.

Looking at Transactions…

Residential Transactions
Residential Sales: YTD 2014

From a transaction standpoint, Spring is typically the "slow time" for the Big Bear real estate market and this year has been no exception. In fact, year-to-date through April vs. the same period in 2013, we are off a substantial 18.6% in total number of residential sales. Every month so far this year has seen fewer sales than ...continue reading

By Mike Sannes, April 16, 2014

Q1 2014 Update: Now that the first quarter of 2014 is behind us, let’s take a look at what has transpired in the Big Bear real estate market and what that indicates about what we can expect from the market as we head into the summer selling season.

2014 got off to a surprisingly strong start. January and February, which are typically slow months for real estate sales in Big Bear, saw impressive demand. ...continue reading

By Mike Sannes, March 19, 2014

February 2014 Market Update: Hello and thanks for checking in with us on the Big Bear real estate market. Winter in Big Bear this year was underwhelming, to say the least. And although the ski resorts and vacation rentals were disappointed with the lack of snow, the good weather actually helped keep the Big Bear real estate market moving right along through the cold months and should continue to help as we head into the Spring.

Normally, spring in Big Bear brings lots of listings to the market and I expect this to hold true for this season as well. In fact, we have already begun to see a substantial rise in the number homes for sale in Big Bear. ...continue reading

By Mike Sannes, February 14, 2014

January 2014 Market Update: 2014 is well underway, so let's take a look at how the Big Bear real estate market has started off the New Year and what that indicates regarding what to expect going forward.

The lack of snow, although not great for the ski slopes, has actually helped the Big Bear real estate market. Interested buyers can easily make the drive up to look at properties and tend to feel more confident about offering on real estate when they can actually see the roof and the yards. (Although what pops up in some yards when the snow melts can be an interesting surprise!) ...continue reading

By Mike Sannes, February 5, 2014

January 2014 Market Update: Looking at 2013 Year-In-Review.

Hello and thanks for checking in with us regarding the state-of-affairs in the Big Bear real estate market. We diligently track and analyze Big Bear’s unique real estate market and our aim is to make this your one-stop-shop for all the latest Big Bear real estate information. Should the urge to buy or need to sell arise, we most certainly look forward, and are very able, to help you obtain a great result.

2013 was a solid year for the Big Bear real estate market. In the paragraphs to follow, I will update you on how the market fared with respect to price and number of sales, as well as cover some important market statistics that are worth keeping an eye on. ...continue reading

December 2013 Market Update: As 2013 winds down, we hope you are set to enjoy a wonderful holiday season. Let’s get caught up on what has been happening in the Big Bear Real Estate market, shall we? We will be doing a comprehensive market ‘year-in-review’ in January for you as well… so stay tuned for that.

Prices in the Big Bear real estate market continue to rise: November 2013 saw a 14% increase in average residential sales price from November of 2012 and a 7.3% increase from October. This brought the year-to-date increase in average sales price in Big Bear to 5.8%, from where it stood through the end of October at 4.9%. ...continue reading

November 2013 Market Update: Thanks for checking in with us on the Big Bear real estate market. With Halloween behind us and Thanksgiving fast approaching, let’s take a look at what occurred in October and what that says about how 2013 might end up.

October Traded Sideways

If, like me, you were looking for October to shed some light on the overall direction of the market for the fourth quarter, you will need to stay tuned, as October did not provide too much insight. ...continue reading

October 2013 Market Update: The change of seasons is in full swing here in Big Bear. With a fresh few inches of snow on the ground this morning and Halloween fast approaching, fall is in effect and winter doesn't feel far off.

Prior to reviewing the numbers for October, I thought I would shed some light on a number we use often in describing the Big Bear real estate marketAbsorption Rate – and what this number represents. ...continue reading

September 2013 Market Update: With the last few weeks of the 3rd quarter upon us, let’s check in on the how the Big Bear real estate market has fared over the summer.

A Solid Increase in Average Price

Big Bear Home Prices
Big Bear Homes: Average Sales Price August 2013

August 2013, as compared to August 2012, saw a solid 8% increase in average price. This was certainly an encouraging outcome as the market was looking for direction after somewhat underwhelming results in June and July (in which average sales prices were -1% and +2% respectively). Here in Big Bear, the months of August and September are typically good indicators of what direction the market will take in the 4th quarter. A strong month was needed to set the Big Bear real estate market up for a solid finish to 2013 and to consolidate the appreciation we witnessed in the first quarter. And, that is just what we got. ...continue reading