Labor Day has passed and summer is now behind us. Many people are looking forward to the cooler temperatures and change of season that autumn brings. But before looking forward, let's take a look back at August's real estate numbers and see how home sales in Big Bear fared.

Comparing August 2012 to August 2013

Average Sale Price rose from $264,761 in 2012 to $288,426 in 2013 resulting in a 6% increase.

Median Sale Price rose from $190,350 in 2012 to $210,000 in 2013 representing a 10% increase.

Average Price Per Square Foot rose from $158 in 2012 to $184 in 2013 representing a 16.5% increase.

Median Price Per Square Foot rose from $147 in 2012 to $167 in 2013 representing a 13.5% increase.

Number of sales increased from 112 in 2012 to 132 in 2013 for an increase of 18%.

 

Comparing Year-To-Date Sales Through August

Average Sale Price has risen from $238,561 in 2012 to $250,801 in 2013 for an increase of 5%.

Median Sale Price has risen from $166,500 in 2012 to $186,000 in 2013 representing an increase of 12%

Average Price Per Square Foot has risen from $145 in 2012 to $162 in 2013 for an increase of 12%.

Median Price Per Square Foot has risen from $135 in 2012 to $148 in 2013 for an increase of almost 10%.

Number of Sales has risen from 664 homes sold in 2012 to 784 in 2013 for an increase of 18%

 

Current Market Overview

Home inventory remains relatively low for this time of year. There are currently 515 listings. Last year at this time there were 559 listings and in 2011 there were 834. So there continues to be a diminishing supply of Big Bear homes for sale.

Buyer demand keeps getting stronger as witnessed by the 18% increase in number of sales in August as already stated above. 

Foreclosure listings and sales continue to diminish as a percentage of market share. Currently foreclosures make up only 2% of all Big Bear home listings.

Interest rates have risen a full percentage point over the past few months but seem to have stabilized at a rate of about 4.5% for a 30 year fixed conventional mortgage. These rates are still historically very low.

 

Summary

Simply put, the Big Bear real estate market has shown signs of strengthening for several months now. And with buyer interest getting stronger while the number of homes for sale has stayed low, there's no reason to think there will be anything but increasing home values, at least through the foreseable future. Although interest rates have crept up, this has not seemed to have affected buyer interest up to this point in time. And with foreclosures appearing to be on their way to extinction, there should be even fewer homes for sale as these properties work their way out of the market.

 

 

If you have any questions or comments about this post, or if you are looking to buy or sell property in Big Bear, please contact me!

Paul Zamoyta - info@zamoyta.com - (909)557-8285