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?
April 2013 saw an incredible 41% increase in number of residential sales as compared to April 2012. And what is interesting to note is that, although the 23% increase in sales under $250K is certainly substantial, there was a whopping 93% increase in sales in the price range of $250K - $500K. So as demand builds, it is also spreading into higher prices ranges and a greater number of more-expensive homes are selling now than we have seen in over 6 years.
In the first four months of 2013 (as compared to Jan-Apr 2012) the average price “overall” in all of the Big Bear Valley, has increased 8.6%. That is a hefty 2.15% average monthly appreciation. The lion share of that total increase occurred in March and April and shows no signs of slowing down in May. Many areas of Big Bear (i.e. Moonridge, which is up 25.2% during this period) have seen even more significant price changes.
Also, for those who like to know: The average days-on-market has decreased to fewer than 100 now and the average sale-to-list price ratio has tightened to 97.5%. There are currently 417 active residential listings (only 2% of active inventory are foreclosures right now), as compared to 351 sixty days ago. So, although inventory remains low (just under a 4-month supply), it has recently increased 18%, which is quite normal for this time of year, as more homes typically come to the market as summer approaches. If you have been considering selling, it is a great time to market your home. Contact us to find out how our proven marketing systems have been been producing great results for sellers in today’s market.