As mentioned repeatedly in prior posts, the lack of homes for sale in today's market is not only making buyers more frustrated as there are fewer properties to choose from, but it is also an integral part of the economics that makes property values increase. With a smaller supply of homes for sale and buyer demand remaining high, prices are likely to increase.
This is true especially in regards to lakefront properties. Let's look at a history of Big Bear's lakefront home inventory.
You can see that the number of lakefronts on the market is less than half what it was two years ago. As a result, we have seen the average price per square foot of Big Bear homes increase from $375 to $431 and the median price per square foot increase from $374 to $447.
With only 16 homes on the lake currently for sale in Big Bear, lakefronts are continuing to show that they are among the most coveted properties in the valley. Demand is high for waterfront property but very few people are willing to sell their lakefront homes. As such, I would expect lakefronts to outpace the appreciation in the overall market in the foreseeable future.