Comparing Big Bear home sales this September to those of last September, we continued to see a slow down in purchases with 140 closings this year compared to 251 closings last year. Although this 44% drop in sales may seem significant, we are still well above the 106 home sales we had in 2019, our last "normal" year.
Although sales are slowing, price measures are still rising year over year.
The average and median sales prices of Big Bear homes rose 14% and 20% to $606,681 and $489,950 respectively. The average and median price per square foot also rose 36% and 42% to $398 and $387 respectively.
The average and median sale price to list price ratios stayed steady around 101% and 100% while the average and median days on market were slightly lower at 54 days and 43 days.
Perhaps the biggest market force driving Big Bear real estate currently is the incredibly low inventory of Big Bear homes for sale. There are currently only 136 single family residences listed in the entire valley. Based on last month's sales rate of 140 closings, that leaves us with less than one month of inventory!
So long as the inventory of homes stays this low, even in light of slowing sales, Big Bear home prices should continue to appreciate through the foreseeable future.