Hard to believe that we're already in the 4th quarter of 2019! Let's take a look at the first three quarters and see how the Big Bear real estate market compares to last year.

YEAR-TO-DATE COMPARISON

On a year-to-date comparison, through the first three quarters of 2019 we have seen a 6% increase in Big Bear home sales with 825 closings last year as compared to 875 this year.

All four major price measures showed appreciation as well. 

The average and median sales prices were up 4% and 2% to $350,099 and $295,000 respectively. Meanwhile, the average and median price per square foot measures rose 3% and 3.5% to $249 and $245 respectively.

The average days on market rose slightly from 89 to 97 days while the median days on market rose from 62 to 64 days. The average sales price to list price ratio stayed basically the same around 98%.

3RD QUARTER COMPARISON

When we compare just the 3rd quarter of 2019 to the third quarter of this year, we see even greater gains.

Sales were up 8% in the 3rd quarter comparison, while the average and median sales prices rose 8% and 3% to $348,254 and $292,000 respectively. The average and median prices per square foot rose 3% and 4% to $252 and $245.

Days on Market rose slightly from 84 days to 88 days while the median rose from 56 to 64 days. The average sales price to list price ratio stayed constant at 98%.

SUMMARY

Overall, sales are up and prices have continued to appreciate in 2019. Mortgage rates are fantastic, still well below the 4% mark for most borrowers. Locally, the ski resorts continue to make on-site improvements while the Big Bear Valley continues to see several municipal improvement projects moving forward. Heading into the final stretch of 2019, I am optimistic we will end our year with our 8th consecutive year of home price appreciation.