Sales of big bear homes continued to simmer down in August but price measures still showed impressive year over year appreciation.
When comparing Big Bear home sales from August of last year to August of this year, the average and median sales prices of Big Bear homes rose 21% and 22% to $556,507 and $466,250 respectively.
Comparing average and median price per square foot measures, there was a 41% and 36% increase year over year to $388 and $372 respectively.
Homes were sold at 100.69% of list price on average this year, up from 99.33% last August. Meanwhile, Big Bear homes sold in just 50 days on average in August, which is less than half of 2020's average of 103 days.
Looking at the inventory of Big Bear homes for sale, there are still remarkably few homes listed. Last August we had about 250 homes for sale whereas this August we averaged about 225 listings.
In summary, sales are slowing after last years unprecedented boom in activity. Although the demand side of the equation has been softening, the supply side still remains low with extremely few homes listed for sale. Considering this along with the incredibly low days on market numbers we're seeing, the overall market is still in a very strong position.