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%.
From a ‘closed-sales’ perspective, the Big Bear real estate market took a breather in November. Residential sales in November 2013 compared to 2012 were off 8%. Aside from sales in June, which were basically flat from a number-of-sales standpoint, November is the only month this year to have seen fewer sales than last year. We shall see if this cooling-off persists into winter.
The inventory remains tight with only 385 active residential listings on the market here in Big Bear, which equates to just under 4 months of supply, based on an average 45-day closing period. The average days-on-market continued to decrease and currently sits at 89. The often watched sales-to-list-price ratio tightened in November as well, as now, on average here in Big Bear, listings are selling for 98% of their list price.
We look forward to hearing from you should you have questions on any of this or any that you see for sale here. We are happy to help and with our knowledge of the market here in Big Bear, we can certainly save you time and money in your search and purchase. Happy Holidays, Merry Christmas and we wish you all a Happy, Healthy and Prosperous 2014! Until next time… all the best!