The January Effect Hits Big Bear Real Estate
With January in the books and winter back in full force here in Big Bear, let’s take a look at how Big Bear real estate started off 2009. Overall for the Big Bear real estate market, January of 2009 was much improved when compared to how 2008 started off. The total number of residential closings was up 60%. Sales under $250k were up a whopping 86% and between $250k-$500k they were up 89%. This strong showing in January provides a great indicator that the number of Big Bear real estate transactions will be up in 2009.
It is great to see signs of an increasingly healthier market as prices for the most part have come down to meet demand. The average sales price was off 29% and for homes priced under $500,000, the days on market dropped 25%, as compared to this time last year. Of note is that the overall sale to list price ratio is holding steady at 95%.
Another incredible factor helping bring buyers off the fence is that interest rates are still holding around 5%. All and all, with all the new snow on the ground and for as cold as it has been, the Big Bear real estate market has started out hot, or at least much hotter than it did last year. Let me know if you would like more info or have questions on any you see.
I am happy to help and always look forward to hearing from you. Happy hunting.