April's sales of Big Bear homes continue to show the lasting effects of an unusually slow winter season with the number of closings dropping from 92 sales in 2013 to just 72 this year. This 22% drop in sales is consistent with the slowdown we saw last month. With an estimated 40% drop in tourism this winter due to the unseasonably warm temperatures and lack of snow, Big Bear real estate sales have come in weaker than expected.
The good news is that home values are continuing to show signs of strength in spite of this dip in sales. The average sale price of a Big Bear home has increased 7% over last April to its current $249,726 while the median sale price remained steady at $192,500. The average and median price per square foot saw a more significant jump from last April with increases of 15% and 17% to their current values of $175 and $164.
The Days On Market, the average time it took a Big Bear home to sell, dropped from 107 days last April to just 97 this April. The sales price to list price ratio has stayed steady with Big Bear homes selling at about 97% of their list price.
The inventory of homes for sale in Big Bear has seen a rise from an average of 400 listings last April to 460 listing this year. This increase in the number of homes for sale can also be attributed to the unusually slow winter season in which fewer homes were purchased thus leaving more homes currently for sale than there otherwise would be.
Normally, a reduction in buyer demand and an increase of inventory of homes for sale would be reason for concern. But with the winter weather clearly being the main factor in this trend, I would imagine we will see a return to a more normal market this summer with buyer demand increasing resulting in a decrease in home inventory.