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.

To what could we attribute this dramatic increase in activity? I would suggest that the sudden spike in interest rates right after the presidential election may have swayed many, who were considering a purchase, to jump right off the fence and into escrow. Interest rates have since settled back down a bit. Last week the average rate on a 30-year fixed rate loan was 4.16%, which is still up from 3.54% a week before the election, but down from the 4.32% we saw at the end of 2016. Will this increase in demand continue into February and March? Stay tuned; we will keep you posted.

Although the number of sales saw a dramatic increase, the average price of all homes sold in Big Bear in January 2017 vs. January 2016 dropped by 2% ($308,832 in 2017 vs $315,031 in 2016). Keep in mind, however, that not too much can be seen by looking at only the first month of any given year, when trying to anticipate the direction prices will take in the year as a whole.

There are currently only 341 active residential listings on our Big Bear MLS. Based on how many homes are currently in escrow, and using the typical 45-day closing period, that equates to just over a 3-month supply. This indicates a strong seller’s market. If you are considering selling your Big Bear home this year, then bringing it to market sooner, when there is not very much competition (yet still good demand), rather than later, makes a lot of sense. Contact me if you would like a free, no obligation, valuation on your Big Bear property. Given the changes in the market over the last few years (see below) I think that getting an accurate estimate on what your Big Bear home is currently worth would be a good idea.

2016 Finished Off as a Solid Year for the Big Bear Real Estate Market

In contrast to the steep rise in sales in January 2017 mentioned above, the total number of residential sales for the entire year of 2016 (vs. 2015,) decreased by 1.7% (1,181 in 2016 vs 1,202 in 2015). Although in the price range between $250,000 - $500,000 we saw a 17.2% increase in sales and in the price range between $500,000 – $750,000 there was a 14.3% increase.

The average price on all homes sold in Big Bear in 2016 vs. 2015 increased by 5.7% ($302,345 in 2016 vs. $286,138 for 2015). Moonridge saw an impressive 15.1% increase and Sugarloaf recorded a solid 11.5% gain.

Since hitting the the bottom of the market (end of 2011) This is the fifth consecutive year we have seen appreciation in the real estate market here in Big Bear, (+6.4% in 2012, +5.5% in 2013, +9.8% in 2014, +3.7% in 2015, +5.7% in 2016 = 31.3%) In some areas, the appreciation over these time frames has been significantly higher.

Big Bear Real Estate: 2016 Re-Ccap

Again, let us know if you have any questions on the market, on your property's specific market value, or on any homes that you see for sale here in Big Bear. We are happy to help and look forward to hearing from you.

In closing, as I am sure you are aware, this winter has brought a good amount of snow and rain to Southern California and Big Bear as well, and we hope to see that continue as it would be absolutely fantastic to see the ‘jewel of our valley’ (Big Bear Lake) full again by summer. There has been significant progress made as the lake was 16’11” from full on 12/12/16 and is now 13” from full (with close to 3 feet of snow still on the ground on the north facing slopes). Cross your fingers for more snow soon.

As difficult as it is to accurately predict the weather here are a few facts to keep in mind about the Big Bear real estate market: If you are interested in buying in Big Bear, but haven’t found ‘the one’ just yet, be patient and don’t fret as there will be lots and lots of new homes coming to market over the next 90 days.  I expect the current inventory to double by late July, so if the right one isn’t there now, it will be very soon.  If you would like, we can set you up to receive email alerts direct from our Big Bear MLS, based on your very specific criteria, immediately when those properties hit the market. Just let us know as this is a great way to keep an eye on what is for sale here in Big Bear and to stay a step ahead of other buyers in the market. And if this is the year to sell your Big Bear property, we specialize in helping sellers obtain great results and I would look forward to speaking with you about our marketing plans and what a top-dollar sale would mean for you. THANKS!

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

By Mike Sannes, February 26, 2016

As 2016 is now well underway, let’s catch up on what transpired in the Big Bear real estate market last year and what that tells us about what to expect for 2016.

Big Bear Real Estate - Monthly Residential Sales
Monthly Residential Sales in Big Bear Valley

The real estate market in Big Bear fared well in 2015. We saw a surge in demand as, aside from January and October, every month of 2015 saw more residential closed sales than the same month a year prior.

...continue reading

By Mike Sannes, September 11, 2015

Once again it seems the long days of summer have passed us quickly by. I hope the season has been full of fun for you!  As it is well past time we got caught up on the happenings in the Big Bear real estate market, let’s get right to it.

The story in the Big Bear real estate market so far this year has been the increase in number of sales:

  • Through August, the number of residential homes sold here in Big Bear increased a solid 18.7% as compared to the same time period last year (736 closed Jan-August 2015 vs. 620 for that period in 2014)
  • In fact, as you will see in the bar graph below, over the last 10 years there has only been one other year, 2013, that exceeded this year's number of closed sales through August.

...continue reading

By Mike Sannes, May 11, 2015

Hello and thanks for checking in with us regarding the Big Bear real estate market. Here in Big Bear, they say never plant your flowers before Mothers’ Day. This year proves that saying correct once again, as we woke up to 3-4 inches of new snow yesterday (Friday 5/8.) Happy (perhaps belated when you ready this) Mother’s Day to all the Moms!

Big Bear Real Estate Market Showing Solid Momentum

We have lots to catch up on, so let’s get right to it. The month of March put a cherry on top of what turned out to be a solid first quarter for the Big Bear real estate market. You may recall that January had most of the market watchers in Big Bear, myself included, scratching our heads as that month showed only 62 closed residential sales vs. 81 in January of 2014. After holding our collective breath, the activity in the market improved slightly in February with 70 sold vs. 67 in February 2014. ...continue reading