The number of Big Bear home sales so far in 2016 has stayed about the same as last year with 618 closings through the end of July. Meanwhile, home prices have shown decent rates of appreciation.
The average and median sales prices of Big Bear homes are up 9% and 14% to $302,286 and $249,950 respectively. Meanwhile, the average and median price per square foot of Big Bear homes rose 7% and 9% to $201 and $200 respectively.
The average days on market has stayed about the same at 99 days while the sales price to list price ratio has stayed steady at 97%.
As mentioned in yesterday's same month comparison post, the number of Big Bear homes for sale has stayed relatively the same as last year.
So overall, we are looking at high single digit appreciation from last year. This is ahead of the historical annual appreciation rate of about 6% - 7%. Looking forward, there is no reason to believe that the market won't continue to grow steadily through the foreseeable future.