January 2019 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, February 6, 2019

Hello from snowy Big Bear! Thanks for checking in with us regarding Big Bear real estate.  Let’s dive right in and get caught up on what has been happening in Big Bear real estate market.

Looking at January of 2019

Average Sales Price, January 20192019 started on a positive note: The month of January saw an overall increase of 1.2% in average price ($320,888 in 2019 vs. $317,206 in 2018) However, as the chart to the right illustrates, results by area varied: Big Bear City saw an 11.8% increase in residential sales price; whereas, the average price in Moonridge declined 16.8%. We will keep an eye on this going forward, but, with fewer homes selling in the winter, one month certainly does not make a trend.

Sales by Area, January 2019Residential sales for January remained relatively flat overall (77 in 2019 vs. 78 in 2018) with Big Bear Lake ‘proper’ showing the biggest decline in number of sales, and the Fox Farm area showing an impressive gain (percentage wise anyway). Also interesting to note is the change in number of sales in the $250,000-$499,000 price range vs. what in years past was the more liquid ‘meat and potatoes’ price range of $0-$250,000. As prices over the last few years have been on the rise and demand moves to meet the market, the role these price ranges play in our market has reversed.

As I type this there are currently 371 active residential listings on our Big Bear MLS. And with 124 properties currently “in-escrow,” that equates, based on a typical 45-day escrow period, to 4.5 months of supply and a 33.4% absorption rate. For some perspective, last February there were only 262 active residential listings (which was an all-time low) which led to a brisk 49.5% absorption rate. Times, they are a changin’ indeed, as the re-cap on last year shows…

Looking Back on 2018

2018 was really a tale of two markets. If you recall, during the period from January through May (as compared to 2017) the average price of all residential real estate sold here in Big Bear was up a considerable 14.5%. (The month of May 2018 vs 2017 was up 20%!)

Change in Average Price 2018 vs 2018

This sudden, substantial and mostly supply-driven price jump, combined with the mid-year increase in interest rates, caused the number of transactions to stall in June. And from there, residential transactions began to slide, even crawl at times, towards the finish line as the year progressed.

Change in No of Residential Sales 2018 vs 2018

In summary: For the full-year 2018 vs. 2017 the average price gain retreated to +3.3% for the year. So, although much of the gains seen early in the year were given back, prices did indeed increase here in Big Bear last year.

Interest rates, for the time being anyway, have settled back down and motivated sellers who are willing to meet the market, are seeing strong offers as we begin 2019. Hopefully all the wonderful rain and snow we have been getting will continue into spring allowing our lake to re-coup some much needed water. The current lake level as of 2/4/19 is 16’9” from full. Whereas on on 11/26/18 it was 18’5” inches from full…progress. And our most recent storm (which brought lots of new snow!) isn’t included in these totals. Good news there, as our lake filling up is great for the Big Bear Valley and also for our real estate market.

If you are considering a sale in 2019, late winter into early spring is a great time to get a jump on the competition. In fact, looking back at last year, this was the optimal time to list and sell. Do let me know if you have any questions on the market, on your property’s current value, or on any properties you see for sale here in Big Bear. Until next time: All the best and think snow!

November 2018 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, November 9, 2018

Hello from Big Bear and thanks for checking in with us regarding Big Bear real estate. There is quite a bit to catch up on since our early summer update, so let’s dive right in.

What a roller coaster ride 2018 has been for the Big Bear real estate market. If you recall, we ended the 1st quarter (Q1 market update) with a solid 10.8% year-over-year average sales price gain. The perfect storm of historically low supply, combined with higher than normal demand for that time of year due to our complete lack of a snow-filled winter, fueled the 1st quarter increase. In fact, by the end of May the increase in the average sales price here in Big Bear peaked at 15% (3% a month for 5 months straight!). ...continue reading

June 2018 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, June 15, 2018

Hello from Big Bear and thanks for checking in with us regarding Big Bear real estate. As we are already over five months into 2018, let’s dive right in and catch up on the happenings in the Big Bear real estate market.

The listing season is well underway and the number of homes for sale here in Big Bear has significantly increased since our last update. You’ll recall from our first-quarter update that the inventory, which typically declines in the winter months, dropped much more than usual this winter. In February of this year there were only 262 active residential listings; this is the lowest we have have seen since I began selling real estate here in Big Bear in 2004. However, by mid-April there were 364 active listings and currently there are 469 active residential listings on the Big Bear MLS. As expected, we have seen a substantial increase in supply as we head into summer. ...continue reading

Q1 2018 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, April 19, 2018

Hello and thanks for checking in with us regarding the Big Bear real estate market.  The first quarter of 2018 is in the books, so let’s take a look at what transpired and what to expect going forward.

Q1 was a Supply-Side Story

Big Bear’s unique resort home market, like all markets, is driven by supply and demand. The story in Q1 of 2018 was on the supply side. The lack of quality inventory in our market overall had two main effects.

Lack of Quality Inventory Meant Fewer Homes Sold

Q1 2018 Home SalesFirst, fewer homes sold in the first quarter of this year (Jan-March), then sold in the same period of 2017. In fact, closed residential sales for the first quarter of 2018 were off a substantial 10.8% vs. 2017 (240 in 2018 vs 269 in 2017). The primary reason for the decline in the number of homes sold was a lack of well-priced homes for sale. ...continue reading

2017 Year In Review by Mike SannesBig Bear Real Estate - The Mike Sannes Team, January 31, 2018

Hello and Happy New Year! Thanks for checking in with us regarding the Big Bear real estate market.  2017 was an incredible year for real estate in Big Bear.  Let’s get caught up on what transpired and also speculate on what this means for the market going forward. ...continue reading

Q3 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, October 10, 2017

"Wow" is one of the first words that comes to mind when looking at what transpired in the 3rd quarter in Big Bear's real estate market. Historically, the 3rd quarter is always the busiest of any given year, but this year... wow.

From January through July 2017, when compared to the same period in 2016, the Big Bear real estate market realized a 15.7% increase in total number of residential sales and a 2.3% gain in average sale price. This certainly qualifies as a solid result for the first seven months of the year. However, ...continue reading

Q2 Market Update by Mike SannesBig Bear Real Estate - The Mike Sannes Team, July 13, 2017

Thanks for checking in with us regarding the real estate market in sunny Big Bear Lake CA. The 2nd Quarter of 2017 is now "in-the-books," so let’s catch up on the happenings in the Big Bear real estate market, shall we?

The Sales Story is One of Healthy Demand

Big Bear Real Estate - Sales by Area - June 2017The story so far in 2017 has been one of healthy demand for Big Bear vacation homes. The total number of residential sales from January through June 2017 vs. the same period in 2016 increased a substantial 14.2% (596 in 2017 vs. 522 in 2016). Moonridge and Fox Farm were the areas that saw the lion's share of this growth in sales with a 37.9% rise in Moonridge (120 in 2017 vs. 87 in 2016) and an incredible 55.6% increase in the Fox Farm area of Big Bear (42 in 2017 vs. 27 in 2016). Check out our website for more information and to see properties available in these and other popular areas. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, June 16, 2017

Hello and thanks for checking in with us. It is hard to believe, but almost half of 2017 has already passed us by, so let’s get caught up on the Big Bear real estate market.

Demand Remains Strong…

In the first five months of 2017 (Jan - May) There were 474 closed residential sales here in Big Bear vs. 417 closings over the same period in 2016. That equates to an impressive 13.7% increase in closed sales so far this year. The month of May itself (116 in 2017 vs 85 in 2016) saw an extraordinary 36% increase in residential sales. Certainly, a remarkable start to the year. In fact, we have not seen this number of closings in the first five months of any year since 2008. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, April 17, 2017

Hello and thanks for checking in with us on Big Bear’s unique, resort real estate market. The first quarter of 2017 is in the books, so let’s take a look at what has transpired in Q1 of 2017.

The Big Bear real estate market started strong in 2017 as the 86 residential closings we saw this January were the most sold in the month of January in over 10 years. But now that the ski season has passed, the market has slowed a bit. Tax time is notoriously slow in Big Bear, but that too shall pass. ...continue reading

By Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, March 2, 2017

Hello and thanks for checking in with us regarding the Big Bear real estate market. It is hard to believe, but the first quarter of 2017 is already more than half way complete. So let’s get caught up on what has been happening with Big Bear’s unique real estate market shall we?

January Marked a Strong Start to 2017

January in Big Bear has historically been a month where we see sales begin to slow, as there are typically fewer homes on the market in the winter months as well as fewer home buyers in the market.  January 2017, however, seems to have bucked this trenBig Bear Real Estate: January Residential Closingsd as there were 86 residential closings as compared to 66 in January 2016, an incredible 30.3% increase! In fact, the 86 closings we saw this January are the most sales we have seen in the month of January in over 10 years.

...continue reading