With summer nearing its end and real estate sales near their annual peak, let's look at the Big Bear lakefront real estate market and see how things are going.
When comparing lakefront home sales from January 1st through today's date from 2013 to that of 2014, we see that the number of sales has dipped by 12%. This is consistent with the cooling off we've seen in the overall market.
Regardless, prices have continued to appreciate with the average sale price of Big Bear lakefronts having increased 13% over last year to $1,170,038 while the average and median price per square foot has increased 4% and 8% to $463 and $482 respectively.
The average number of days on market (DOM) before selling for Big Bear lakefronts fell to 160 days while the median DOM was just 46 days. The average sale price to list price ratio was the same as last year, with sellers conceding on average 5% off their list price in negotiations.
As far as inventory, the number of Big Bear lakefront homes for sale still remains relatively low with only 23 waterfront properties currently listed.
So overall, the lakefront market is showing signs of continued growth. Although sales have slowed slightly, inventory remains low which has helped prices continue to appreciate. The median DOM of only 46 days suggests that there are plenty of buyers still out there that are ready to move fast once the right lakefront comes on the market. As interest rates remain low and the economy continuing its slow recovery, I would expect Big Bear lakefront real estate to remain strong through the foreseeable future.