In a November same month comparison, sales of Big Bear homes continued to slow down to 2015 and 2016 levels after a banner year in 2017. Although Big Bear home sales were down by about a third, prices continued to rise.
This November, the average and median sales prices were up 7% and 4% to $346,807 and $285,000 as compared to November 2016. The average and median prices per square foot were also up 3% and 6% to $239 and $234. The average days on market dropped from 120 to 103 while the median days on market stayed even at 85.
Looking at year-to date numbers, through the first 11 months of 2017, sales are down 21% bringing them back to 2016 levels, but prices have continued to rise nonetheless. The average and median sales prices are up 5% and 10% to $339,164 and $289,000 while the average and median prices per square foot were also up 9% and 10% to $242 and $236. The average days on market dropped from 108 to 91 and the median dropped from 74 to 63.
The number of Big Bear homes for sale is higher than last year at this time, but still at a low level historically. Interest rates seemed to have leveled off after rising throughout the year.
Perhaps the best market news is that our local ski resorts were open for Thanksgiving and we've had two good snowstorms so far this year. The lake rose 3 inches last week and is likely to rise more this week. With Big Bear's economy depending largely on ski conditions and a healthy lake, these storms bode well for the upcoming Holiday Season as well as the fast approaching New Year!