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.
The average price of all homes sold this January vs. January 2015 improved by 3.9% overall. Sugarloaf saw an impressive 21.5% increase from January 2015. Although, keep in mind that what happens in the Big Bear real estate market in January and February does not, by any stretch, determine what will happen in the market by year’s end. It is, however, always great to get off to a good start, which it what this January has brought us.
There are currently 391 active residential listings on our Big Bear MLS which is on the low side, even for the winter months when, typically, fewer homes are on the market. Based on a typical 45-day closing period and given the number of homes currently under contract (157), this equates to a 3.7-month supply. Under four months of supply indicates a seller’s market. The supply of quality inventory available as we head into spring and especially going into summer will have a great deal to do with what happens with prices in Big Bear this year. I expect demand to remain high/consistent in 2016, but overall supply will be interesting to watch. When the competition (a.k.a., the inventory) is low, it is always a great time to market and sell property. There certainly are buyers in the market right now looking for homes to buy – with not too many good ones to choose from – so let me know if you have been considering selling as there is presently a nice opportunity to do just that.
I do expect the number of listings to substantially increase in the coming months. Also, interest rates are likely to remain at or around the ridiculously low levels at which they are currently. Typically, we don’t see rates move very much in election years, so that "should" be the case again this election season. This combination should make for a strong year for Big Bear real estate. And with rates still so low, it is a great time to buy the get-a-way you have always wanted here in Big Bear. Do let us know if you would like a custom list of the very best properties available, as we are happy to help and always look forward to hearing from you.
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 →
Let’s get caught up on what has been happening in the Big Bear real estate market, shall we? Apologies up front, as it has been too long since our last report. Time flies when you’re having fun (and when you’re busy working as well, it seems) and the summer simply vanished this year.
The BIG news since last we wrote is the purchase of our two local ski resorts (Snow Summit and Bear Mountain) by Mammoth Mountain… big news indeed. So far, with respect to real estate sales, we have seen an increase in curiosity, especially in the luxury market, but no big bump in sales or prices as of yet. But I do think that will occur when the planned investment in development begins. The big initial impact will be in the number of folks coming to Big Bear to ski this winter. The season pass for Mammoth Mountain last year was $689.00 and that is the same price this year, BUT that same price now includes the two Big Bear resorts as well. I think this will bring more folks up to Big Bear that may not have come otherwise, to enjoy the proximity of our local mountains. ...continue reading →
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.
This 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. ...continue reading →
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…
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 →