It was another good year for big bear real estate as sales stayed steady, the inventory of homes stayed low, homes spent less time on market before selling, and all four major price measures showed appreciation.
Sales of Big Bear homes were about the same as last year with 1181 closings in 2016, just 21 fewer than last year.
Compared to 2015, the average and median sales prices increased 5.6% and 13% to $302,344 and $252,000 respectively. The average and median price per square foot of Big Bear homes rose 5.6% and 8% this year to $206 and $202 respectively.
The average days on market dropped from 111 last year to 102 in 2016 representing an 8% decrease in the average amount of time a Big Bear home was listed before selling. Meanwhile the sales price to list price ratio stayed steady at 97% with sellers conceding 3% on average in negotiations.
The inventory of Big Bear homes for sale stayed slightly below that of 2015 this year. Currently, there are 393 home listings in the Big Bear MLS which is just about the number it was this time last year.
Mortgage rates have bumped up a little since the election but still remain in the low 4% range.
Locally, we are experiencing one of the wetter years we've had in quite some time. With Big Bear Lake down almost 17 feet from full this summer, the snow and rain we have gotten has been quite well received. With our local economy depending on strong tourist traffic, and with tourist traffic depending on good snow in the winter and a healthy lake in the summer, we are hoping this wet (preferably snowy) winter continues well into spring.
Overall, the Big Bear real estate market is continuing to move in the right direction. Minus the unknowns, the underlying fundamentals of our local market are suggesting another good year ahead of us in 2017!