By Mike Sannes, February 14, 2014
January 2014 Market Update: 2014 is well underway, so let's take a look at how the Big Bear real estate market has started off the New Year and what that indicates regarding what to expect going forward.
The lack of snow, although not great for the ski slopes, has actually helped the Big Bear real estate market. Interested buyers can easily make the drive up to look at properties and tend to feel more confident about offering on real estate when they can actually see the roof and the yards. (Although what pops up in some yards when the snow melts can be an interesting surprise!)
Prices Continue to Rise
Residential sales in January of 2014, as compared to the same month last year, saw an average price increase of an impressive 16%. A one-month increase in average price, especially when four properties closed over the $750k mark, does not make a trend. But based on the full year report from last month's blog, prices overall here in Big Bear are continuing to rise. Hopefully our market will continue to play catch-up with the impressive gains seen in the urban areas down-the-hill.
Supply Remains Tight
Although prices are on the rise, the total number of sales in January of 2014 decreased 5% -- 78 vs. 82 in 2013. Supply remains tight with just under 4 months of inventory currently on the market here in Big Bear. The current absorption rate -- the "speed" of the market -- is holding at an impressive 32%. Demand is also holding and looks to have good potential to increase as many buyers are growing more concerned that interest rates are going to increase soon.
The average days-on-market to start the year is holding at 116 days, and the average sale-to-list price ratio, which is an important statistic to note and understand, remains at 96%. We look forward to hearing from you with any questions you have on this post or on any homes you see for sale here in Big Bear. We have access to ALL that is for sale here and are well equipped to save you time and money in your search and purchase. Until next time – All the Best and Happy Hunting!