A client just asked me to email him a brief update as to where the Big Bear lakefront market stands compared to last year and a summary of what the market is currently doing. Figured that since I wrote it for this client, I may as well post it here on my blog!

Here's the quick update:

We are halfway through our busy summer home-buying season and here's a look at our sales figures so far in 2013 as compared to 2012.

  • The average price per square foot is up 10% to $410.
  • The median price per square foot is up 1% to $387.
  • The average sale price is down 13% to $1,004,283.
  • The median sale price is down 11.5% to $889,000.
  • The median Days On Market has dropped from 158 days to just 77 days.
  • The number of sales through today’s date is down from 18 last year to 12 this year. 

These numbers reflect a few important trends in the lakefront market. Although sales have slowed, we are coming off a near record year for lakefront sales. We are still poised to have a relatively strong year as far as number of sales.

 The average and median prices are down, but that is because we are seeing sales of smaller, less expensive lakefronts as compared to the increased activity we saw in the 2M+ range last year. Part of the reason we have not seen more sales in the 1.5M+ range is that there are very few homes for sale at that price point. I do not feel there is a lack of buyers in this range, but more so a lack of sellers.

 Also, note that the average and median price per square foot have both risen. I feel this is a more accurate representation of what is truly happening to market values. I would expect values to continue to appreciate for the foreseeable future. As well, the number of Days On Market shows that lakefronts in Big Bear are selling much faster than last year. Another great sign of a healthy market!