There were 141 Big Bear homes sold this August as compared to last August's 103 sales representing a whopping 37% rise in home buyer activity. As a result of this vigorous buyer activity, the inventory of Big Bear homes for sale is extremely low for this time of year with only 486 single family residences listed or sale valley-wide as compared to there being about 698 listings for sale around this time last year.
With prices having risen consistently since the market bottom 6 years ago, the currently strong buyer demand and low remaining supply of listings have continued to push prices higher. The average Big Bear home price is up 3% to $317,410 as compared to $307,844 last August. Meanwhile, the average and median price prices per square foot are up 9% and 7% to $229 and $221 respectively.
The average and median days on market are up slightly to 84 and 66 while the average sales price to list price ratio has remained the same at about 97%.
It seems like the strong economy, continued low interest rates, and local factors such as the purchase of our local resorts by Aspen Ski Company have buyers bullish on Big Bear. With summer winding down this Labor Day weekend, I would expect the market to remain busy as more prospective late summer buyers move off the fence towards buying while interest in the upcoming winter season starts to increase.