Comparing sales data from September 2013 to September 2014, we are seeing a leveling off of home values after a couple years of double digit growth. As buyer demand has cooled, sales and price increases have flattened resulting in mixed market numbers.
Comparing the average and median sale prices of Big Bear homes from September 2013 to September of this year, we see the average and median sale prices slide by 6% and 17% respectively to their current level of $234,320 and $183,000. On the other hand, the average and median price per square foot of sold Big Bear homes has risen 11% and 9% to $185 and $175. With sales price measures falling and price per square foot measures rising, we see the market struggling to determine direction.
The days on market for sold homes has slightly risen from 96 days in Septemeber 2013 to 102 days this September. The median DOM has also risen from 58 days to 81 days. The average sales price to list price ratio has stayed steady at 97%.
As for the number of Big Bear homes for sale, home inventory has increased from last year from an average of 500 homes for sale last September to 658 homes this September. Conversely, sales have dropped slightly from 120 closings last September to 113 this September.
Once again, we are starting to more consistently see sales slowing and inventory increasing resulting in a more balanced market after years of strong growth.