In a same month comparison of February sales, home closings remained basically the same with 66 sales this year compared to the 69 homes sold in February of last year.
The average and median sales prices both rose approximately 6% and 5% to $322,917 and $262,000 respectively. Meanwhile, the average and median price per square foot fell 4.5% and 5.5% to $200 and $196 respectively.
The average sale price to list price ratio stayed steady at 97%. Days on Market fell significantly with this February's average of 82 days and median of just 38 days is way down from last year's average of 111 days and its median of 85 days.
Mortgage rates still hover in the low 4% range. With the Fed poised to raise rates in March, we will likely see mortgage rates rise.
The inventory of Big Bear homes for sale also remains quite low with just 336 single family residences currently for sale in the Big Bear MLS. This is the time of year when we usually have our fewest listings. As summer approaches, we will see more homes come on the market, but we will likely see inventory stay below our monthly average.
Locally, we have had one of our busier winters in recent memory due to the above average snowfall we've received. This has boosted our local economy and brought more visitors to the Big Bear Valley, some of whom will certainly be interested in buying a vacation home. Additionally, we have seen the lake's water level rise about 4 feet from a 12 year low of almost 17 feet from full. With above average snow pack in Big Bear's surrounding peaks waiting to melt and run off into the lake, we will likely see water levels rise several more feet heading into summer.
Considering the low inventory, steady sales, low mortgage rates and positive local market influences, I would expect the Big Bear real estate market to remain strong through the foreseeable future.