Big Bear Real Estate Market Update
November Same Month Comparison
Looking at a November same month comparison, sales of Big Bear homes this November ended up about this same as they were in November of 2015. There were two more closings this year than last year totalling 109 sales.
All four major price measures also showed improvement. The average and median sales prices were up 6% and 15% to $308,499 and $265,000 respectively. The average and median price per square foot were up 1% and 6% to $201 and $200 respectively.
The average days on market was about the same at 120 days while the median days on market fell slightly from 94 to 88. Meanwhile, the sales price to list price ratio stayed steady at 97%.
A Year To Date Comparison
Looking at a year to date comparison, Big Bear home sales are down a slight 1% in 2016. Through the end of November, there were 1075 closings this year as compared to 1085 last year.
Not unlike the same month comparison, all four price measures have shown appreciation. The average and median sales prices this year are up 6% and 13% to $302,813 and $252,500 respectively. The average and median price per square foot are up 5% and 8% to $205 and $201 respectively.
The average days on market is the same at 100 days while the median days on market is down marginally from 74 to 71. The sales price to list price ratio has stayed steady at 97%.
Big Bear Market Outlook
Averaging the four major price measures in our year to date comparison, the numbers suggest the overall Big Bear real estate market has appreciated about 8% this year. Although not the double digit increases we've seen in previous years, 8% is still above the historical average for real estate appreciation in California.
Uncertainty seems to be the theme of the year with many unknowns due to our recent presidential election. Since the election, we have seen the stock market hit all-time highs while interest rates have risen almost a half point (But still remain remarkably low with rates in the low to mid 4% range for a 30 year fixed mortgage). Although it has only been a month since the election, there has been no sign of any slowing in the housing market. Prognostications range from a looming market crash due to instability in governmental leadership to a suggested market boom due to lower taxes, less regulation, and a real estate friendly president.
Locally, we are gearing up for a busy winter season. Visitorship has been strong over the past few months with the local ski resorts opening over Thanksgiving weekend. With continued improvements and upgrades made by Mammoth Mountain, the new owners of our local resorts, I would imagine another busy ski season will benefit the local economy and housing market.