November 2018 Market Update by Mike Sannes, Big 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
Q1 2018 Market Update by Mike Sannes, Big 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
First, 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 Sannes, Big 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