May's sales continued to show the effects of the Covid-19 epidemic with only 49 closings of Big Bear homes. This is down 52% from last May. As mentioned in previous posts, May is the first month where almost all of the closings would have gone into escrow around or during the Covid outbreak. So these sales represent those still willing to buy during the height of the pandemic.

That being said, prices showed mixed messages with the average Big Bear home price rising 6% to $383,801 while the median dropped 15% to $265,000. The rise in average price can be directly attributed to a few very high end sales swaying the small sample size of sold homes. The drop in the median is also likely exaggerated due to the small sample size, but is likely more accurate of market direction.

The average sales price to list price ratio has remained about the same at 97% - 98% while the average and median days on market have barely moved at 113 and 65 respectively.

The big silver lining to all this is that our pending sales - homes that are currently in escrow - are near all-time highs right now. With 170 homes currently in back-up or pending position, you have to go back to 2013 to see a higher number for this time of year. Assuming these current pendings close, we should see the market bouncing back quite quickly heading into summer.

After Big Bear home sales being down over 50% in both April and May, I would expect sales to make significant gains over the next few months.