Big Bear home sales are up 18% so far in 2019 with 364 closing through the end of April. This uptick in sales may be attributed to lower interest rates and a busy winter season due to above average snowfall and the subsequent 9 foot rise in Big Bear Lake's water level.
The average sale price of Big Bear homes has also risen 1% to $353,645 while the median sale price is up 2% to $295,000.
The average price per square foot of sold Big Bear homes this year is up 3% to $247 and the median price per square foot is up 5% to $240.
As well, Big Bear homes are selling faster this year with the average Days On Market dropping from 104 days to 99 days and the median days on market dropping from 99 days to 67 days.
Heading into our busiest time of year for home sales, the inventory of homes for sale remains about 10% lower than last year with there currently being 400 home listings in Big Bear.
With increased sales and fewer listings, the law of supply and demand suggests that prices will continue to rise. Additionally, Big Bear Lake's water levels are at their highest point in the past 5 years, so I would expect buyer demand to become even stronger as visitors escape to Big Bear for their summer vacations. As a result, I expect the Big Bear real estate market to remain strong through the foreseeable future fueled by Big Bear's increasing popularity, good economic conditions, and historically low interest rates.