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.
Inventory remains tight as we currently have 356 active residential listings on the market (compared to 352 this time last month). Of those active listings only 7.8% are foreclosures, 4% are shorts sales and 86% are resales. There are currently 151 homes in escrow which, based on the typical 45 day closing period, equates to a 3.5 month supply. Supply levels under 6 months equate to a seller’s market. It has been incredible to watch how quickly we have shifted from a buyer’s market to a seller’s market here in Big Bear. Fear not, however, if you haven’t found the right cabin to buy yet. Rates remain at all-time lows and prices, although on the rebound, are still very attractive.
For help finding and buying the right piece of real estate in Big Bear, just ask. We have access to literally everything for sale here in Big Bear and our knowledge of the market and local inventory can save you time and money in your search and purchase.
A few other numbers that are good to know for interested buyers and sellers in the Big Bear real estate market:
- Average days-on-market is down to 98 (it was 147 days in February of 2012),
- the sale-to-list price ratio has held tight at 96% (up slightly from 94% last February), and
- in the price range of $250k - $500k, last month’s sale-to-list ratio was 99%!
All in all it is a very competitive market for buyers. The “good deals” on well-priced cabins are selling quickly and selling close to their list prices. Staying a step ahead of other buyers in today’s market with our flash email alerts is essential. Again, thanks for checking in with us on the Big Bear real estate market. We look forward to hearing from you and to helping you accomplish your real estate goals here in Big Bear.