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 either Foreclosure or Short Sale. Furthermore, only 2.6% of all closings so far in 2016 have been ‘distressed’ sales, i.e. foreclosures or short sales.
So far this year, through the end of September, Big Bear has seen a total of 840 closings. Of those, 27% have been cash deals. It is interesting to note that at the peak of the "investor market" here in Big Bear (2009-2011), cash sales made up over 35% of our market.
What is Selling and Where
The graphs to the right shed more light on both what is selling and where it is selling. It is interesting to note that, although sales in the $750k – $999k range are off 38.9% (18 in 2015 compared to 11 in 2016), sales in the 1 million+ market have increased 30.8% (13 in 2015 vs 17 in 2016).
The 3rd quarter of 2016 saw a 7.5% decline in the total number of sales (343 in 2015 vs. 319 in 2016). In contrast however, the average price of all homes sold in Big Bear has increased 8% ($287,571 in 2015 vs. $311,053 in 2016). It will be interesting to see if the 4th quarter of this year can hold onto these gains. We will continue to monitor the market and keep you posted. Do let us know in the meantime if you have any questions on anything you see for sale or on your home's current value. We always look forward to hearing from you - contact us anytime!
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 →
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.
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 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 →
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.
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.
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.
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 →
Hello and thanks for checking in with us regarding the the Big Bear real estate market. The beginning of a new year is always an interesting time for Big Bear real estate. How we start the year often lends insight into where we might finish and what to expect in between.
A Tale of Two Months
This year started as a tale of two months in stark contrast. The Big Bear real estate market finished strong in 2014. The average price of homes in Big Bear was up 9.8% last year compared to 2013 (The number of closed sales, however, was off by 13.7%.) ...continue reading →
Looks like we will have a white Christmas here in Big Bear this year! Recent storms brought winter weather with a solid 4-6 inches of new snow and much more is expected. With 2014 rapidly winding down, and the New Year just around the corner, we wanted to wish you all Happy Holidays and provide a quick update on the Big Bear real estate market.
Supply and demand defines all markets, and the Big Bear real estate market is no different. On the supply side, it has been an interesting year in that we have seen larger than normal variations in homes available for sale. ...continue reading →