Following up on yesterday's mid-year market report, let's look at what the Big Bear real estate market has done with some different comparisons.
June-to-June Comparison
When comparing Big Bear home sales from June 2012 to those in June 2013, we see that the number of homes sold remained about the same with 98 homes sold last June versus 95 homes this June.
The average and median sale prices also stayed stable with these measures dropping a mere 1% and 3% to $221,898 and $175,000 respectively.
The value measures of average and median price per square foot both rose from last June by 5% and 4% to where they currently stand at $156 and $148.
The number of days a Big Bear home was on market before selling dropped from 110 days on average to 84 days, while the sales price to list price ratio is up from 96% to 97%. This shows that not only are homes selling more quickly, but that homes are selling at closer to list price than last year.
Consecutive Month Comparison
When comparing this June to the preceding month of May, we see the number of sales and price measures turn downward.
The number of Big Bear homes sold dropped from 102 in May to 95 in June.
The average and median sales prices dropped 17% and 19% while the average and median price per square foot fell 5% and 6%.
The days on market dropped from 109 to 84 while the sale price to list price ration rose from 96% to 97%. So even thought prices dipped, Big Bear homes sold at a faster pace and closer to the seller's list price.
At first glance, this slide in prices may seem alarming. But because we have such a small sample size of homes that sold, a few higher end or lower end sales can really affect numbers on a month to month basis. I find that longer term comparisons, such as the year-to-date market report we did yesterday, are much more accurate for judging market direction.
Overall, market conditions continue to improve and are currently quite healthy. As mentioned in yesterday's post, the only potential negative in the market right now is rising interest rates. But with rates still well below 5%, they are still amazingly low from an historical perspective.