Comparing July 2020's real estate numbers to those of July 2021, Big Bear home sales unexpectedly dropped by about 1/3rd to 131 closings. Although sales slowed this July, they were still well above the 105 closings we saw in 2019.
When we compare price measures from July 2020 to July 2021, we get a good sense of how much the market has appreciated over the past year.
The average and median sales prices rose 43% and 41% to $649,576 and $455,702 respectively. Meanwhile, the average and median price per square foot measures rose 38% and 46% respectively to $391 and $378 respectively.
The average sale price to list price ratio rose from 99% last July to 102% this July, with Big Bear homes continuing to sell for over full price on average.
The average days on market almost halved from 101 days in July 2020 to just 51 days in 2021.
Looking at the number of Big Bear homes for sale, we currently have 201 single family home listings on the market. Last August, we had approximately 250 listings while in August of 2019 we had 570.
Overall, the Big Bear real estate market continues to remain quite strong. Although sales dipped this July, they are significantly higher than they were in 2019, our most recent "normal year". With so few Big Bear homes listed for sale, with interest rates still near historic lows, and buyer demand remaining relatively high, it looks like the Big Bear real estate market will continue to fair well through the foreseeable future.