January 2015 saw the continued trend of rising home values amidst declining sales when compared to January of 2014.
Although the number of Big Bear homes sold fell from 81 single family residences last year to 62 this year, all four major price measures saw increases.
The average and median sale prices rose 27% and 44% to $303,248 and $260,000 respectively. Meanwhile the average and median price per square foot rose 9% and 11% to $184 and $185.
The number of Days On Market is trending longer for Big Bear homes with the average and median time on market up to 127 days and 105 days from 114 days and 83 days last January.
With sales falling and Days On Market rising, one would think prices would be cooling. To the contrary, Big Bear homes values continue to outpace historical gains by consistently showing annual growth of about 10%.
Looking at the performance over the past three months and comparing it to the three months prior to that, we see values rising over a shorter term as well. The average and median sales prices rose 12% and 15% respectively while the average and median price per square foot rose 2% and 3.5%. Looking at the price per square foot measures, they are still suggesting annual gains of approximately 10%.
Forecasting the future is a fool's game, but there are many reasons to think the Big Bear real estate market will stay strong. With mortgage rates still incredibly low, gas prices putting more cash in people's pockets, the local purchase of our ski mountains by large investors and the likelihood of significant improvements to these resorts, and the continued economic recovery, I don't see any reason why values wouldn't continue to rise for the foreseeable future.