I just ran some numbers for a curious client this morning and thought I'd share a comparison of lakefront sales from last year to this year. Here is a summary.
Number of Sales: 2011 - 16 compared to 2012 - 27 (through 10/11)
Average Price: 2011 - $1,033,870 compared to 2012 - $1,136,076
Median Price: 2011 - $967,500 compared to 2012 - $960,000
Average Price/Sq.Ft.: 2011 - $375 compared to 2012 - $366
Median Price/Sq.Ft.: 2011 - $375 compared to 2012 - $388
Average Days on Market: 2011 - 235 compared to 2012 - 166
Number of Big Bear Lakefronts Currently in Escrow: 8
Number of Currenty Listed Big Bear Lakefornt Homes for Sale: 21
Current Average 30 year Fixed Interest Rate: 3.75%
Number of Distressed Lakefronts (foreclosures,short sales, or filed NODs or NTSs): 0
To summarize, lakefront sales have really taken off this year causing the number of listings to decrease significantly. Fewer listings and increased sales is the usually the main market trend that spurs a housing recovery. Although prices have yet to show undeniable signs of appreciation, there certainly has been in the very least a stabilization in values.
With interest rates at their historical lows, I would expect sales to stay strong moving forward and prices to start showing definitive appreciation through 2013.