Although the number of Big Bear home sales dropped 12%, all price measures showed gains comparing August of this year to last August.
With 102 home sales this August, we saw the average and median Big Bear home prices rise 13% and 23% to $310,234 and $279,950 respectively. As I mention often, with such a small number of home sales, these numbers are not as accurate a measure of price appreciation as looking at the price per square foot.
Speaking of which, the average and median price per square foot of Big Bear homes that sold this August rose 5% and 7% as compared to last August to $308 and $206 respectively.
There were about 615 Big Bear homes for sale this August as compared to 654 last August.
So with sales down but with inventory shrinking as well, and with an increase in all of the major price measures, the Big Bear real estate market continues to be stable with prices showing continued appreciation.
On a year to date comparison, sales are only down 3% so far in 2016 while the average and median sale prices have risen 10% and 15% to $303,412 and $251,250 respectively. The average and median price per square foot measures have risen 7% and 9% to $203 and $200 respectively.
The average DOM (Days On Market) is down to 97 from 110 last year while the sale price to list price ratio is still at 97%.
With the overall market showing high single digit to low double digit appreciation, with inventory down and sales remaining stable, and with mortgage rates continuing to hover near all-time lows, the Big Bear real estate market seems to be great shape heading towards 2017.