Thanks for checking in with me on the state of affairs in the Big Bear real estate market. Let’s get caught up on the current market:
When looking at the entire Big Bear Valley in January of this year compared to 2011, a couple numbers jump out: The year started out with a very strong month: overall, the average residential sales price increased 9.3% with the bulk of that increase coming from areas of Big Bear City (up 17.9%) and Sugarloaf (up 16.9%). However, we also saw the average sales price decline in Moonridge (off 25%) and Big Bear Lake proper (off 7.7%.)
In stark contrast to higher sales prices, the total number of residential sales in the Big Bear Valley declined 1.8% overall. Transactions in Big Bear Lake proper and Fox Farm were flat; Moonridge saw a whopping 100% increase (from 8 in January 2011 to 16 in 2012), and closed sales in Big Bear City (off 36.8%), Sugarloaf (off 14.3%) and other east valley locations declined.
This negative correlation between price and sales is interesting to note and makes intuitive sense from a demand driven (a.k.a buyers market) perspective. Declining prices lead to increased transactions (i.e. in Moonridge); whereas, increasing prices, often cause transactions to decline (i.e. in Big Bear City). The money finds the value so to speak. It is, of course, much easier to look back and make sense of these trends than to accurately project them going forward, but more to follow on what shifting markets say about future prices to come. Until then, happy hunting and feel free to contact me with any questions regarding buying or selling real estate in Big Bear – Thanks.