Although we saw fewer homes sell this November compared to last November, prices continued to rise as the DOM (Days On Market) for Big Bear homes decreased.
The average and median sale price for a Big Bear home this November rose 16% and 32% from last November to $256,273 and $224,900 respectively. As well, the average and median price per square foot rose 19% and 18% to their current levels of $176 and $168.
Although we saw the number of sales decrease from 108 homes sold last November to 92 this year, the average time a home was on the market before selling decreased from 116 days to just 87 days. Meanwhile, Big Bear homes are still selling on average at 97% of asking price.
Looking at the year-to-date numbers, so far in 2013 we have seen sales rise from 995 last year to 1125 this year for a 13% increase in number of Big Bear homes sold. The average and median sale prices are up 6% and 14% to $249,371 and $190,000 while the price per square foot measures are up 14% and 11% to $165 and $154 respectively.
You'll notice that the November sales numbers are significantly higher than the year-to-date numbers. This suggests that Big Bear real estate is continuing its strong comeback. The one number that points to a potential slowdown is the slight decrease we've been seeing in the number of sales. This is the second straight month we've seen slightly lower sales than we saw in the same month from the previous year. Although this single digit decrease is far from something to be concerned with, it may be signaling a return to more historical appreciation rates (6-8%) rather than the double digit rebound numbers we have seen over the past few years.
Perhaps the brightest area of market strength is the number of Big Bear homes for sale. Home inventory has remained very low with only 417 single family residences listed for sale currently in the Big Bear MLS. To put this in perspective, just two years ago there were over 700 homes for sale at this time. With a low supply of homes for sale coupled with sub-5% interest rates and decent buyer demand, the market should continue to show improvement well into 2014.