Same Month Comparison - June 2017 Compared to June 2018

After several months of all positives, we get some mixed messages in June's real estate numbers. But the overall trend for the year continues to show strong gains and a healthy market.

Sales were down 19% this June as compared to June 2017, most probably attributed to the poor winter season we had. As well, after several months of price appreciation, the average and median home prices dropped 7% and 4% to $312,927 and $282,000 respectively. Yet the average and median price per square foot measures were up 3% and 8% to $233 and $239 respectively.

The Days On Market remain slightly lower with the average dropping from 98 days last June to 77 days this June. The average sales price to list price ratio stayed about the same around 98%.

As I often mention, monthly trends can be less accurate due to the relatively low number of sales we see in our small market area. So looking at the longer term trend such as a year-to-date comparison can sometimes be more accurate.

Year-To-Date Comparison - 2017 to 2018

Sales this year are still down through June of 2018 with 14% fewer closings this year.

Yet the average and median sales prices are still up 10% and 12% to $346,583 and $290,000 respectively. The average and median price per square foot measures are also up 12% and 13% to $241 and $237 respectively.

The average Days On Market are down from 105 last year to 91 this year while the sales price to list price ratio stayed about the same at 98%.

Market Summary

Although interest rates have crept up into the mid 4% range and Big Bear home sales have subdued due to a slow winter, inventory remains low which is keeping prices moving in the positive direction. With the year's first good heat wave of the summer now gripping the Southern California, Las Vegas and Palm Springs areas, we will likely see sales jump next month as people seek a respite from the scorching temperatures by visiting Big Bear's cooler climate. With the increase in visitors, I would expect an increase in sales.