In a same-month comparison, sales of Big Bear homes showed a slight improvement with 121 closings this October as compared to 118 last October.
All four major home price measures showed improvement as well. The average sale price is up 2% to $305,504 while the median sale price rose 7% to $255,000. The average price per square foot rose 3% to $210 while the median price per square foot rose 8% to $204.
The average Days On Market is down from 109 last October to 97 this October while the Sales Price to List Price ratio has risen 1% to 97%.
In a year-to-date comparison, from January 1st through the end of October, Big Bear home sales are down slightly from 978 closings last year to 965 sales this year.
But once again, all four price measures show gains. The average sale price is up 10% to $302,218 while the median sale price rose 13.5% to $252,000. The average price per square foot rose 6% to $205 while the median price per square foot rose 9% to $202.
The average Days-on-Market is down from 109 last year to 97 this year while the Sales Price to List Price ration has stayed steady at 97%.
With mortgage rates hovering around 4% for a 30 year fixed conventional mortgage, and with the inventory of Big Bear homes for sale staying at relatively low levels, the market outlook remains strong. In addition, continued improvements to our local ski resorts bode well on increased visitorship, and more visitors usually means more interest in Big Bear real estate.