July was yet another strong month for Big Bear real estate sales as there was a 17% increase in homes sales over the previous July with 110 closings.
All four major price measures showed mixed results. The average sale price dropped 10% as compared to last July down to $299,451 and the median sale price dropped 3% to $245,000. I feel that these price drops are an anomaly and the result of a few low sales affecting the relatively small sample size and not an indication of the market changing direction.
Meanwhile the average price per square foot rose 6% to $220 and the median price per square foot rose about 1% to $207. These price per square foot numbers generally offer a more accurate view of market status.
The average and median days on market rose slightly to 100 days and 73 days respectively while the average sales price to list price ratio rose about .5% to 97.5%.
Per my previous post, home inventory remains very low for this time of year and interest rates are still hovering around 4% for a conventional, conforming 30 year fixed rate loan.
As for other local factors affecting the Big Bear real estate market, the local resorts, Bear Mountain and Snow Summit, are still in the processed of being purchased by Aspen Ski Company/KSL Capital Partners . Locals are still optimistic and expect a positive economic impact if and when the resorts change hands. Big Bear Lake's water level, although still very low, is 2 feet higher than it was at this time last year.
Overall, the Big Bear real estate market is still in a very strong place with few, if any, negative influences at this point in time. I'd expect this trend to continue through at least the rest of the calendar year.