Will Big Bear Real Estate Experience a Seasonal Slowdown this Year... or not?
2009 is rapidly winding down and what a year it has been so far in the Big Bear real estate market. Let’s check in with what has transpired to date, take a look at some recent trends in the market and what those indicate for Big Bear real estate sales in 2010 shall we? The abundance of early snow fall in Big Bear has the winter tourist season well underway. Normally, the busy holiday season and the prime ski season months that follow translate into a slowdown in real estate sales in Big Bear. That said, the real estate market in Big Bear of late has been anything but normal, so it is questionable as to whether or not we should expect a seasonal slowdown in the coming months.
Overall so far in 2009 a few numbers stand out: There have been 925 residential sales through November reported in our local mls, which is a 23% increase compared to 2008. However the total dollar volume of those sales is up only 3% from last year. This is evidence that the dramatic decrease in price of Big Bear real estate has indeed caused demand to strengthen considerably. In fact, the trend of increased activity in the market under $250,000 has been gaining speed: In September we saw a 37% increase in sales. In October, total transactions increased by 59%. And in November of this year, there were a whopping 96% more transactions in this price range as compared to 2008. That is truly amazing that double the deals are being done. This momentum seems poised to carry into 2010, indicating that the normal winter slowdown may be canceled this year by interested buyers.
What also stands out when looking at the November sales numbers is that, in the price range between $250,000 and $500,000, sales were up 89%. So the interest of late seems to be spreading into mid-range prices as well. The upper end of the market remains bleak. The only properties selling in these upper end price ranges are those that were roughly a million two years ago and are now being sold by banks to buyers in the six hundreds. (These are few and far between but let me know if you are interested in this market, as there are a couple on the horizon along these lines that you will want to know about.)
Of course, aside from number of sales and dollar volume, the question most people interested in buying real estate in Big Bear have is; “What will prices do in the coming year?” That of course remains to be seen, but looking at the amazing demand for well priced properties, where multiple offers are increasingly commonplace and many are selling over their list prices, this indicates no need for new inventory to be priced much lower. The market, especially at the entry level price range, has done a remarkable job of stabilizing in the latter half of this year.
Just any let me know if you would like more information on the great deals currently available that fit your specific criteria. I always look forward to hearing from you. And keep checking in at Big Bear Real Estate @ www.RealEstate-BigBear.com in the coming months, as I will be rolling out more and more relevant content, including video tours of Big Bear and ‘Mike’s Market Minute’ updates. Enjoy this festive time of year, come and visit Big Bear if get the chance and have a happy, healthy and prosperous New Year!