Looking at the Big Bear real estate sales numbers this month, any way you look at it, the market is recovering quite impressively!
When comparing this March to the previous month of February, we see that the number of Big Bear homes sold increased by 25% from 76 to 95 sales. The average and median sale prices rose 17% and 35% to $295,000 and $224,000 from last month while the average and median price per square foot were up 8% and 7% to $166.39 and $147.35.
Compared to March of last year, this March saw significant improvement in all price measures as well. The average sale price of a Big Bear home increased 19% to $295,000 while the median price increased by an amazing 36% to $224,000. The average and median price per square foot of Big Bear homes saw similar increases with the average increasing 21% to $166 with the median rising 14% to $147.35. The number of sales rose slightly from 92 to 95 homes sold while the average days on market decreased from 143 days in March of 2012 to 113 days this March.
A year-to-date comparison also shows increases in all price measures with the number of sales since January first up 16% to 253 homes in Big Bear sold so far in 2013. From January 1st through March 31st, the average and median prices are up 4% and 10% respectively while the average and median price per square foot have increased 14% and 17% as well, while the average days on market before being sold has decreased from 144 days to 111 days.
While sales and prices are showing healthy increases, home inventory has remained remarkably low with only 375 Big Bear homes for sale currently. Interest rates are hovering around record lows at sub-4% rates and foreclosures and distressed property sales have decreased quicker than anyone had imagined they would.
Simply put, the fundamentals are all in place for a continued strong recovery in the Big Bear real estate market through 2013!