February saw a continued decrease in the number of sales on a same month comparison. This February's sales were down 12% from last year dropping from 76 closings in 2013 to 67 this year. As previously mentioned, sales have been down slightly over the past few months due to the lack of snow and warmer temperatures we have seen this winter. This has resulted in a significant drop in the number of visitors to Big Bear and thus fewer home sales.
The good news is that in spite of slower buyer traffic, prices are still showing growth, as the average sale price of a Big Bear home rose from $252,402 last February to $262,132 this February resulting in a 4% gain. The median sales price in February for homes in Big Bear also rose from $166,000 last year to $206,250 this year marking an impressive 24% gain.
Perhaps the most accurate measures of market direction, average and median price per square foot, both showed nice gains on a same month comparison over the past year. The average price per square foot rose from $155 last February to $178 this February for a 15% gain. Meanwhile the median price per square foot rose from $139 to $170 for a 22% gain.
So despite slower sales due to the weather, prices are still steadily rising as home inventory has remained near historic lows. With mortgage rates stabilizing around a still remarkably low 4.25% - 4.5%, it stands to reason that we will continue to see price appreciation in the Big Bear real estate market through the foreseeable future.