Here's a quick update comparing the Big Bear home sales numbers from January 2020 to January 2021.
Sales are up 60% this January to 129 Big Bear homes sold.
The average sale price of Big Bear homes is up 19% to $453,876 while the median sale price is up 40% to $400,000.
The average price per square foot is up 37% to $348 while the median price per square foot is up 40% to $337.
The average sales price to list price ratio was about 98% last January. That means that Big Bear home sellers conceded 2% off the list price on average in negotiations. This year that ratio was 104%. This means that on average sellers negotiated a sale price that was 4% more than their list price!
The average days on market for homes dropped 60% with homes selling 83 days quicker this January than in January 2020.
As if these numbers weren't spectacular enough, home inventory has been the big story this year and the main market force driving higher prices. Last January 15th we had 349 homes listed for sale. This January 15th we had only 62. That's an 82% drop in listings! (As of today, February 3rd, we have only 53 homes listed in the entirety of the Big Bear Valley.)
Because of the frustratingly low number of listings and with buyer demand so high, it is no wonder homes are selling for 104% of list price on average!
With mortgage rates remaining low and with the incredible frequency in which we are still receiving multiple offers resulting in bidding wars on many of our listings, I don't see this bull market in Big Bear real estate ending anytime soon!
Paul Zamoyta ~ info@Zamoyta.com ~ 909.557.8285