Hello to all those interested in Big Bear real estate. I hope your Thanksgivings were all fun-filled feasts spent with family and good friends. I believe at this point I have eaten turkey in more ways, a blender was involved at one point, than I ever thought imaginable. Let’s catch up on what is happening in the Big Bear real estate market.
Some Interesting Numbers to Report from October
Closings were up compared to last year at this time in ALL prices ranges. (I sort these in increments of $250k for reporting.) We had become accustomed to seeing sales under $250k increase for some time. This trend started back in June of this year and aside from August, which was flat, all months since have shown a dramatic increase in buyer demand. In fact September transactions under $250k were up 145% and in October they were up 100%.
However what I found interesting is that October showed, for the first time this year, an increase in sales in all price ranges. This is an encouraging development and will hopefully become an established trend as the market continues to stabilize. I’ll be posting the numbers on November sales very soon so check back for that.
Now let’s take a look at what is actually selling:
There are currently 1,039 active residential listings in the Big Bear Valley. There are currently 96 homes in escrow, (9.2% of active inventory.) Of those 96 pending sales, 54% were listed under $250k, 32.5% were listed between $250-$500, leaving 13.5% listed at $500k or more. Also of note: Of the 96 Pending 48% are regular ‘re-sales’ or new construction, 29% are bank-owned, 23% are short sales, (the short sale number can be misleading as those often sit as pending for months and months prior to bank approval or rejection, and it is usually still the latter.) These numbers point to, as one would expect given the current market and economy, stronger demand for values in the entry-level price range and a healthy appetite for bank-owned and distressed properties. (I can provide you with information on current and upcoming bank-owned listings in Big Bear if you would like, just let me know.)
Homes In Escrow: December 1, 2008
Great news on the interest rate front:
As the turmoil continues in the credit markets, mortgage rates have dropped significantly. A client of mine with great credit locked into a 30-year mortgage with 0 points at 5.5% this week. WOW!
A final note:
It is a fantastic time to take advantage of the low rates and deeply discounted prices here in Big Bear. Happy hunting and let me know how I can help.