The number of Big Bear home sales in January of 2016 remained the same as 2015 with 61 single family residences closing escrow.
Meanwhile, the average Big Bear home price rose 4% to $312,975 this January when compared to January of last year while the median sale price fell 10% to $234,000. The average and median price per square foot of sold Big Bear homes, often seen as a better indicator of market direction, rose 9% and 7% to $200 and $197 respectively.
The average sales price to list price ratio stayed constant at 97% while the average sales price to original list price slid slightly to 92% This suggests that many homeowners are testing the market by listing their homes higher at first then lowering their price to meet buyer expectations.
The average days on market remained unchanged from last January at 117 days.
With only 381 Big Bear homes for sale currently, home inventory is the lowest it has been in two years.
With sales remaining constant, inventory creeping lower, and prices continuing to rise, Big Bear real estate is in a good place right now. What really makes things intriguing is the amazing increase in visitors that Big Bear Lake has seen this winter. With the local resorts under new ownership (it was just announced that snowboarding superstar Shaun White just became part owner as well) and with Mother Nature delivering more snow than we have seen in quite some time, our Valley has been quite busy with vacationers.
The more popular Big Bear becomes, the more real estate prices will likely rise. Just how much? Only time will tell!