January's numbers are in! Although the number of Big Bear homes sold dipped a little, prices and other market indicators showed appreciation and improvement.
Let's take a look...
The number of sales of Big Bear homes slipped a little this January. This is likely due to the lack of snow we've had this year. Less snow means fewer visitors which means fewer sales. As well, the lack of home inventory has hampered sales as many buyers are having trouble finding the type of home that fits their wants and needs.
Although there was a dip in home sales, both the average and median sales prices of Big Bear homes continued to rise to their highest point in almost a decade. This is likely due to a strong economy and continued low interest rates.
The average and median price per square foot of Big Bear homes showed continued appreciation as well. These price measures have risen about 75% since the market's bottom in 2011.
The average and median number of days that a home was listed for sale, better know as D.O.M. (Days On Market), continued to decline as homes sold at their quickest pace in 4 years. This is due, once again, to the lack of home inventory. With fewer homes on the market, buyers are quick to act when a home that meets their wants and needs lists for sale.
The Sales Price to List Price ratio of homes stayed steady, as buyers were willing to pay about 97.5% of list price this January. Sellers conceding only 2.5% off their list price on average in negotiations is evidence of a continuing strong market.
Lastly, as mentioned in previous posts, perhaps the strongest sign of today's Big Bear Real Estate market is the low inventory of homes. With only 250 Big Bear homes for sale as of February 1st, listings are near record lows. This lack of supply and continued buyer demand suggests that prices will continue to rise for the foreseeable future.
Paul Zamoyta ~ Info@Zamoyta.com ~ 909.557.8285