The number of Big Bear homes sold was up slightly in the first quarter of 2017 from 246 closings in the first quarter of last year to 257 this year.
Meanwhile, all four price measures showed appreciation as well. The average and median price of a Big Bear home rose 4% and 5% to $315,636 and $255,000 respectively. The average and median price per square foot gained 3.5% and 3% to $206 and $202 respectively.
The Days On Market stayed relatively the same with homes taking 110 days on average to sell while the sales price to list price ratio stayed steady at about 97%.
Mortgage rates are creeping up but are still in the remarkably low 4%-4.25% range. The inventory of homes for sale also remains historically low with there being 379 Big Bear homes for sale currently as compared to there being about 460 listings around this time last year.
As far as local news affecting the real estate market, a story broke yesterday that out local ski resorts, Bear Mountain and Snow Summit, have entered and agreement to be purchased by an Aspen ski conglomerate in association with a capital investment group. This is likely very good news for Big Bear real estate as the new owners will have the resources to make the current ownership's 10 year development plan a reality. The effect of significant upgrades to the local resorts will likely be a hug benefit to the Big Bear real estate market. Pending approval, this deal should be finalized by the third quarter of this year.
With so few Big Bear homes listed for sale, with buyer demand staying strong, with interest rates still in the low 4% range, and with the new news about the pending purchase of our local mountains by big-time investors, my outlook for the foreseeable future for Big Bear real estate remains quite optimistic!