We're halfway through 2017 and the market has been growing as predicted; single digit appreciation with strong buyer interest and low home inventory resulting in continued price gains.
Sales are up 12% over last year with 513 Big Bear homes sold in the first half of 2017. Home inventory is down with there currently being 529 homes for sale compared to 625 last year at this time.
When comparing Big Bear home sales from the first half of 2016 to that of 2017, we saw the average and median home price rise 5% and 3% to $307,511 and $298,492 respectively. Meanwhile, the average and median price per square foot rose 5% and 4% to $204 and $200 respectively.
The average Days On Market dropped slightly from 105 days in 2016 to 100 days in 2017, while the median Days On Market stayed even at a very low 65 days.
The sales price to list price ratio also stayed steady around 97.5% with sellers conceding 2.5% off list price at the time of sale on average.
So the market remains strong and prices keep rising. With interest rates still around 4% and the overall economy doing well, things are looking for for the second half of 2017!