Comparing the number of Big Bear home sales from last November to those from this November, sales fell 21% to 160 closings. Although a drop in sales usually indicates a cooling market, that is NOT the case here. Sales have slowed due to the unprecedented lack of homes for sale leaving few choices for the multitude of buyers looking to purchase.
Home inventory is at an all-time low with there currently being only 63 Big Bear homes for sale! In comparison, in December of pre-covid 2019, there were 402 Big Bear homes for sale in mid-December. So long as inventory stays low, sales will remain slower due to buyers not being able to find the home that fits their wants and needs. But prices, on the other hand, are likely to continue to rise as there will be more competition among buyers for those few properties that are on the market.
Continuing our comparison of last November's sales numbers to this November's, the average and median sales prices rose 8% and 24% to $568,289 and $500,000 respectively. The average and median prices per square foot rose 29% and 25% to $391 and $378 respectively.
Big Bear home sales continued November 2020's trend of selling for slightly over full price on average while the average Days On Market before selling fell from 75 days last year to just 58 days this year.
With mortgage rates staying in the low to mid 3% range and with home inventory so remarkably low, the Big Bear real estate market remains remarkably strong and is likely to remain so throughout the foreseeable future.
Paul Zamoyta ~ info@Zamoyta.com ~ 909.557.8285