Perhaps the most unforeseen shift in the history of the Big Bear Real Estate market occurred between April and May of this year when we saw our biggest consecutive month drop in sales followed by our biggest monthly increases through the following summer. We are still in the midst of the hottest market in anyone's memory as the Covid Pandemic has made life in the mountains exponentially more attractive to Southern Califonians.
To quantify this, lets compare the sales of Big Bear homes from July 2019 to July 2020.
July 2019 saw 105 Big Bear home sales whereas July 2020 saw 192 closings representing an incredible 83% increase in sales.
As you would imagine, prices have risen right along with the spike in demand. The average sale price is up 38% from last July at $455,950 while the median sale price is up 26% to $359,950. The average price per square foot is up 15% to $283 while the median is up 11% to $260.
One of the more impressive signs of the market's strength is that the median sales price to list price ratio is 99.5%. This means that properties are selling at almost full price more often than not!
But perhaps the most telling sign of the market's current strength is the listing to pending sales ratio. As of this morning, there are only 143 Big Bear homes for sale (a record low) yet there are 342 homes in escrow (a record high). This remarkable imbalance of incredibly high demand and sparse supply clearly suggests that the market will remain strong for the foreseeable future. When you consider that interests rate will likely remain at their historically low rates, with a continued seller's market, prices are likely to continune their ascent toward all-time highs.
But just like the market unexpectedly spiking this summer, I think uncertainty has become the most certain thing in today's market. So stay tuned to my blog for updates moving forward in 2020!