Every price measure saw double digit improvement this April when compared to sales of Big Bear homes in April 2012.
The number of Big Bear home sales was up 29% this April to 90 closings. The average and median prices rose 30% and 34% respectively to $236,991 and $197,500. Meanwhile, the Days On Market - the time a home is listed for sale before selling - fell from an average of 111 days to 106 days while the median fell from 66 days to just 39 days.
Year-to-date sales also continued to see price increases across the board. So far in 2013, the number of Big Bear home sales is up 22% compared to the same time period in 2012 with 343 closings. The average sale price is up 9% at $249,115 and the median sale price is up 19%. The average price per square foot is up 14% while the median price per square foot is up 16%. Lastly, the average days on market fell from 136 days in 2012 to 109 days so far in 2013.
Although this is encouraging news for Big Bear real estate, perhaps the best indicator of a rebounding market is the fall in home inventory. Home inventory, the number of homes currently listed for sale, is near an all-time seasonal low. Take a look at this graph of Big Bear home listings over the last year.
Note that compared to April of last year, there are cuurently about 30% fewer properties for sale. When you take into account that in 2009, we had almost 1400 homes listed, the current inventory of 400 is remarkably low. The above graph also notes the annual increase in homes for sale as summer approaches. Last year's listings peaked at about 610 homes. I would expect this year's high to stay well under 500.
Although the future of Big Bear real estate is unknown, looking at the recent past, we can certainly say that the market has turned in an undeniably positive direction. Sales and prices are both up and the number of homes for sale is very low. Considering that interest rates are also near all-time lows, the fundamentals are in place for a continued market recovery.