Although sales continue to lag due to the warm, dry winter Big Bear experienced in 2017-2018, prices continue to push upward.
Compared to last April, this April saw sales of Big Bear homes drop 22% to just 74 closings.
In spite of this, the average and median sales prices were up 19% and 7.5% to $299,912 and $259,000 respectively. Both the average and median prices per square foot also rose 4% and 8% to $228 and $211 respectively.
The average Days On Market dropped slightly from 100 to 97 while the median dropped from 64 to 53. The sales price to list price ratio stays strong in the 97%-98% range. So Big Bear homes are selling quicker and are still selling close to list price.
Looking at the Big Bear real estate market from a year-to-date perspective, sales are down 14% so far in 2018, but all four major price measures are showing double digit gains.
The average and median sales price are up 13% and 15% to $311,227 and $255,000 respectively. The average and median price per square foot both rose 13% to $228 and $211 respectively.
The average Days On Market dropped from 107 days to 99 days while the median fell slightly from 70 to 68. The sales price to list price ratio is still in the 97% to 98% range.
The main drivers for the continued market appreciation are the strong economy and low home inventory. Although sales have slowed this year due to a poor winter season, the historically low home inventory has still kept supply lower than demand. The figure below shows a five year history of Big Bear home inventory.
With so few homes for sale and with Big Bear home sales expected to rise as our busy summer season approaches, prices are poised to rise through the foreseeable future.