March sales numbers show mixed signs while the year-to-date numbers suggest a stable market with continued price appreciation.
After two months of increased sales, March 2019 saw a 15% dip in sales as compared to sales from last March. Although sales slowed, the average sales price was up 6.5% and the median rose 3.2% this March to $379,115 and $310,000 respectively. Meanwhile, the average and median prices per square foot dropped slightly sliding 3% and 2% to $239 and $236 respectively.
The average Days On Market rose slightly from 96 days to 114 days while the median rose from 54 days to 94 days. The sales price to list price ratio dropped over 1% from 98.36% to 97.22%.
On a year-to-date comparison, we have seen Big Bear home sales stay stable so far this year, dropping only 1%. Meanwhile, the average and median sales prices are up 5% and 1% to $367,536 and $299,000 respectively. The average and median prices per square foot are up 1.5% and 2.5% to $243 and $235 respectively.
The Days On Market measure has risen slightly from 99 days to 106 days while the median rose from 71 days to 85 days.
As the figure below shows, 30 year mortgage rates have settled down close to 4% after almost hitting 5% last November. With rates dropping to the 4% benchmark, I would expect the market to remain strong through the foreseeable future.
From a local perspective, Big Bear Lake's water level rose almost 9 feet this winter and the new ownership of our local mountain resorts has continued to develop the resort area adding more trails, outdoor activities, and summer programs. These factors are likely to continue the increased visitorship that we've seen over the last few summers. And more visitors to Big Bear means more prospective home buyers to the Big Bear Valley!