Q1 2018 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, April 19, 2018

Hello and thanks for checking in with us regarding the Big Bear real estate market.  The first quarter of 2018 is in the books, so let’s take a look at what transpired and what to expect going forward.

Q1 was a Supply-Side Story

Big Bear’s unique resort home market, like all markets, is driven by supply and demand. The story in Q1 of 2018 was on the supply side. The lack of quality inventory in our market overall had two main effects.

Lack of Quality Inventory Meant Fewer Homes Sold

Q1 2018 Home SalesFirst, fewer homes sold in the first quarter of this year (Jan-March), then sold in the same period of 2017. In fact, closed residential sales for the first quarter of 2018 were off a substantial 10.8% vs. 2017 (240 in 2018 vs 269 in 2017). The primary reason for the decline in the number of homes sold was a lack of well-priced homes for sale.

Q1 2018 Active Residential ListingsIt is not uncommon for the inventory of active homes listed for sale in the winter months to drop. However, in February of 2018 we only had 262 active residential listings vs. 320 in February of 2017. As the chart to the right illustrates, this year the inventory in each of the first three months of the year, dropped off much more than it has in years past.  In fact, in each of the first three months of 2018, active residential listings were at their lowest monthly level of the past 5 years.

Nor is it uncommon for sales to slow during the winter months in Big Bear. But the difference this year as compared to prior years, was our complete lack of a winter. Typically, with snow on the ground and roads being more challenging to navigate, you will find fewer homes listed for sale in the winter. But, you will also find fewer buyers looking at these homes. However, given the very mild winter we experienced this year, the number of buyers looking did not drop off nearly as much as it normally does. This created a “perfect storm” for sellers, with a combination of low inventory (a.k.a not much competition) and high demand. Which leads to the second effect mentioned above…

Lack of Quality Inventory Also Meant Average Prices Rose

Q1 2018 Average Home Sales PriceSecondly, although fewer homes sold in the first quarter of this year than last, those that did sell, sold for more money. The average price of all residential homes sold in Q1 of 2018 vs. Q1 of 2017 increased by an impressive 10.8% ($346,710 in 2018 vs $312,779 in 2017). It was not uncommon to see multiple offers on well-priced new listings in the first few months of 2018 and many of these were bid up well over the asking price.

To put this into perspective, in April of 2017 (vs. 2016) we saw a 1.6% increase in number of homes sold and a 4.1% increase in the average price of all those sold. So, the new year brought us a new and different market indeed.

Looking Forward

As spring turns into summer, I expect to see a large increase in the number of homes listed for sale and would expect the demand for those homes, at the very least, to remain constant.

There are currently 364 active residential listings on our Big Bear MLS (vs. 262 in February of this year), indicating that “listing season” has begun and “selling season” should quickly follow. Based on a typical 45-day closing period and the 127 homes currently in escrow, this leads to 4.3 months of supply. Which means, for the time being at least, it is still a sellers’ market overall here in Big Bear.  Please do let us know if you would like a current valuation on your Big Bear property. You may be pleasantly surprised!

With interest rates (again, for the time being, as they are trending up), still at historically low levels and the expected seasonal increase in the number of homes for sale to choose from, it is a still a great time to buy the “right” piece of real estate in Big Bear.  Let us know if you have questions on the market or any properties that you see for sale here in Big Bear.

We are happy to help and always look forward to hearing from you. Until next time, happy hunting and all-the-best to you from all of us at The Mike Sannes Real Estate Team.

2017 Year In Review by Mike SannesBig Bear Real Estate - The Mike Sannes Team, January 31, 2018

Hello and Happy New Year! Thanks for checking in with us regarding the Big Bear real estate market.  2017 was an incredible year for real estate in Big Bear.  Let’s get caught up on what transpired and also speculate on what this means for the market going forward. ...continue reading

Q3 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, October 10, 2017

"Wow" is one of the first words that comes to mind when looking at what transpired in the 3rd quarter in Big Bear's real estate market. Historically, the 3rd quarter is always the busiest of any given year, but this year... wow.

From January through July 2017, when compared to the same period in 2016, the Big Bear real estate market realized a 15.7% increase in total number of residential sales and a 2.3% gain in average sale price. This certainly qualifies as a solid result for the first seven months of the year. However, ...continue reading

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. ...continue reading

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.

...continue reading

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