December 2013 Market Update: As 2013 winds down, we hope you are set to enjoy a wonderful holiday season. Let’s get caught up on what has been happening in the Big Bear Real Estate market, shall we? We will be doing a comprehensive market ‘year-in-review’ in January for you as well… so stay tuned for that.
Prices in the Big Bear real estate market continue to rise: November 2013 saw a 14% increase in average residential sales price from November of 2012 and a 7.3% increase from October. This brought the year-to-date increase in average sales price in Big Bear to 5.8%, from where it stood through the end of October at 4.9%. ...continue reading →
November 2013 Market Update: Thanks for checking in with us on the Big Bear real estate market. With Halloween behind us and Thanksgiving fast approaching, let’s take a look at what occurred in October and what that says about how 2013 might end up.
October Traded Sideways
If, like me, you were looking for October to shed some light on the overall direction of the market for the fourth quarter, you will need to stay tuned, as October did not provide too much insight. ...continue reading →
October 2013 Market Update: The change of seasons is in full swing here in Big Bear. With a fresh few inches of snow on the ground this morning and Halloween fast approaching, fall is in effect and winter doesn't feel far off.
September 2013 Market Update: With the last few weeks of the 3rd quarter upon us, let’s check in on the how the Big Bear real estate market has fared over the summer.
A Solid Increase in Average Price
August 2013, as compared to August 2012, saw a solid 8% increase in average price. This was certainly an encouraging outcome as the market was looking for direction after somewhat underwhelming results in June and July (in which average sales prices were -1% and +2% respectively). Here in Big Bear, the months of August and September are typically good indicators of what direction the market will take in the 4th quarter. A strong month was needed to set the Big Bear real estate market up for a solid finish to 2013 and to consolidate the appreciation we witnessed in the first quarter. And, that is just what we got. ...continue reading →
August 2013 Market Update: As we head into the last weeks of summer here in Big Bear, the nights have definitely been getting cooler, but has the Big Bear real estate market been cooling off as well? Thanks for checking in with us on the state of the real estate market in Big Bear. We are happy to help and always look forward to hearing from you, so do let us know if you have any questions on the market or are interested in buying or selling real estate here in Big Bear.
The overall trend we have seen so far this year -- increasing demand in the face of low to moderate inventory -- is, for the most part, still in effect. ...continue reading →
July 2013 Market Update: Thanks for checking in with us on the Big Bear real estate market – Lots to cover, so let’s dive right in: The real estate market in Big Bear showed significant progress in the first half of 2013. The recovery we have been tracking has solidified. The rebound in number of sales persists and price appreciation is underway.
As compared to the first half of 2012, this year (January - June) saw a solid 17.8% increase in the number of residential sales. Interesting to note: Of what sold 13% were foreclosures, 10% were short sales and 75% were ‘regular’ resale.
30% of all those sales were cash transactions.
65% of all those sales happened under $250,000, whereas 27% sold between $250,000 and $500,000. The number of sales in this $250,000 to $500,000 price range increased 63% from last year! It is encouraging, and a healthy sign for the market overall, to see demand for higher-priced homes increasing at such a substantial rate.
I was reviewing some historical averages in order to put some perspective on where we stand in today’s real estate market and wanted to share with you some interesting points:
Historical Trends Imply Prices are Undervalued
Going back to 1989, when the average home price nationally was $95,000 and adjusting from there at the historical rate of 4% appreciation annually, the average home price now would be $231,000 – However, the national average is currently $176,600 – This implies, based on that historical trend line, prices may still be undervalued by 23.8% right now. ...continue reading →
May 2013 Market Update: As we head towards summer, the Big Bear real estate market is heating up. Watching the market like I do, I have been surprised recently by the number of new homes coming to market, many with very optimistic list prices, which are selling in a matter of days. Demand and excitement in Big Bear’s real estate market is strong and growing stronger. It seems that yesterday’s market is history and the “new” market is here now, with momentum building into summer. However, as detailed below, affordability is still fantastic and interest rates are still historically low – so it remains a great time to buy the right piece of real estate in Big Bear. Let’s get caught up on what has transpired in the Big Bear real estate market shall we? ...continue reading →
Spring has officially sprung and tax time is thankfully behind us for another year. The weather here in Big Bear has been outstanding and, having tested it myself yesterday, I am happy to report that, although still chilly, the lake is indeed ready to enjoy. Thanks for checking in with us on the Big Bear real estate market. Let’s get right to it and see how the first quarter of 2013 shaped up and what that indicates as we head into the summer selling season.
Current Market Dynamics
The trend that began in late summer and fall of last year — of lower than normal supply and increasing demand — persists. Although, as it is now the season to list, we are starting to see more homes come to market in recent weeks. ...continue reading →
Hello from Big Bear and thanks for checking in with us for the latest in the Big Bear real estate market. 2013 is off to an amazing start. Let’s run through the numbers to see what has been happening:
February 2013 saw 75 closed residential sales, up 9% from February 2012. Year to date, compared to last year, we are up a substantial 25% in number of homes sold.
Sales in the hot “under $250K” price range were relatively flat last month (52 in February 2013 vs. 50 in 2012). However, in the price range between $250k and $500k there was a 36% increase and between $500k and $750k there was a whopping 100% increase, so demand seems to gradually be spreading into the higher price ranges.
Of what sold through February this year, resales made up 70% of the closings whereas 16.5% were foreclosures and 12.5% were short sales. 27% of these sales were cash deals.