In a same month comparison, sales dipped 12% this March when compared to March of 2015.
Although Big Bear homes sales slowed, all four major price measures showed improvement. The average and median sales price of Big Bear homes were up 4% and 32% to $308,188 and $264,500 respectively. Meanwhile, the average and median price per square foot rose 18% and 5% to $223.49 and $197.28 respectively.
Because the sample size of home sales if so small for one March comparison, let's look at year-to-date sales for a more accurate view of the Big Bear real estate market direction.
When comparing sales from January 1st through May 31st of this year to the same time period last year, we see that the number of Big Bear homes sold is up a mere 1%.
But Big Bear home prices have shown continued price appreciation across the board. The average and median sale prices are up 4% and 8% to $299,239 and $248,000 respectively. The average and median price per square foot measures are up 7% and 8% to $202.19 and $195.36 respectively.
These price increases suggest we are back to a more normal market where we are seeing an appreciation rate of about 6% - 8% annually.
The number of Days On Market that Big Bear homes are listed before selling has dropped from last year's 120 days to just 106 so far this year. The sales price to list price ratio has stayed the same at 3% indicating that sellers are still conceding about 3% off their list price at the time of sale in negotiations.
Overall, these numbers suggest a stable market so far in 2016. With the continued improvement of our local resorts by the new owners from Mammoth Mountain and with interest rates still below 4%, it is likely we will see improved home value appreciation moving forward.