The first snow of the season has finally arrived and as the snow falls, Big Bear home sales continue to rise. Let’s get caught up on the happenings in the Big Bear real estate market shall we?
The number of residential homes sold in November 2012 increased 18% from a year earlier and the number of closings (107) was the highest level of any November in six years. In fact November marked the tenth straight month that year-over-year homes sales increased in Big Bear. Year-to-date, compared to 2011, sales have increased a whopping 29.3%.
Demand is on the Rise: Big Bear Valley Home Sales Since 2008
The average price in Big Bear has increased 3.9% year-to-date, going from $226,694 in 2011 to $235,594 this year. Distressed properties are on the decline and a more “normal” market, dominated by owner resales has emerged. Foreclosures in Big Bear have accounted for only 19% of sales so far this year, compared to 32% in 2010.
The inventory remains low as we currently have only 404 residential listings in Big Bear which is roughly 50% less than what we are accustomed to seeing this time of year. Only 6% of our active inventory is foreclosures. There are currently 129 residential properties in escrow (which translates into an incredible 32% absorption rate.) And of those, 7.8% are bank-owned.
Limited Supply: Active Residential Listings are at Lowest Level in Five Years
It has become quite clear that many, who have been looking and waiting, have decided it is indeed a great time to buy, and are doing so in numbers not seen since 2005. The combination of limited supply and increasing demand is certainly a recipe for appreciation. It will be interesting to see what the coming year brings in that regard. I anticipate that, given rock bottom interest rates, less uncertainty about the direction of the market overall and the amazing prices on real estate still available, we will continue to see sales and prices increase in the Big Bear real estate market. Let us know if you would like more information on what is currently for sale here in Big Bear. We look forward to hearing from you and until next time, happy hunting!