May 2013 saw increases in almost every price measure when compared to May of 2012, further indicating that a robust real estate recovery is underway in Big Bear.
Although the average sale price for a Big Bear home dipped from $280,562 in May 2012 to $269,702 this year, the median price rose from $188,000 to $216,000, representing an increase of 15%. Price per square foot also showed gains as the average of $155 last May rose to $165 this year representing a gain of 6%. Meanwhile, the median price per square foot rose from $145 to $156 for a gain of 7.5%.
The average number of days a Big Bear home was listed for sale before selling (Days On Market - DOM) fell from 129 to 109 reflecting the trend that homes are spending less time on market before being purchased.
The number of Big Bear homes sold also increased this year with May of 2012 posting 74 sales compared to this May's 99 closings. This represents an impressive increase of 34%.
When comparing year-to-date numbers, there are increases in all measure straight across the board.
So far in 2013, the average sale price is $253,736, up 5.5% from 2012. The median price is currently $187,750 in 2013, up 19%. The average and median price per square foot is up 12% and 16% to $157 and $147 respectively.
Sales of Big Bear homes are up 24% so far in 2013 having increased from 356 last year to 442 this year. The days on market has dropped from 135 days to 109 days while the number of Big Bear homes listed for sale has dropped from an average of 575 last May to 425 this May.
With home mortgage interest rates still under 4%, the number of sales increasing and the number of homes listed for sale decreasing, the market is poised to continue to show price increases throughout the foreseeable future.