Big Bear home sales slowed this May but prices continued their ascent heading into our summer months.
Same Month Comparison
This May, there were 62 Big Bear home sales compared to 102 in May of 2013. This 38% decrease in number of sales can be directly attributed to the unseasonably warm weather we experienced this winter which led to a significant drop in visitors to the valley.
The good news is that this slow down in demand did not affect prices.
The average price of a Big Bear home rose 19% from last May to its current level of $319,843. Meanwhile, the median sales price increased slightly to $219,000.
Comparing May of 2013 to May of this year, the average and median price per square foot also saw increases with the average rising 20% to $197.71 and the median rising 14% to $178.38.
The average days on market for Big Bear homes were slightly lower this May at 96 days while the median also dropped slightly to 43 days. The sales price to list price ratio also stayed stable at 96%.
Year-to-Date Comparison
Comparing Big Bear real estate numbers on a year-to-date basis, we see the same trend continue with sales being down and prices up.
Year-to-date sales are down 23%, again due to the warm winter weather causing a significant drop in visitors to Big Bear.
Regardless, Big Bear home values held strong as the average sales price rose 10% while the median rose 3%. The average and median price per square foot also improved rising 15% and 17% respectively.
The average and median days on market has stayed relatively steady at 107 and 74 days while the sale price to list price ratio remained the same at 96% .
Market Outlook
After a remarkably slow winter due to a unusually dry and warm weather, we are hoping to see Big Bear home sales return to normal heading into our usually very busy summer.
The inventory of Big Bear homes for sale has been rising as is usual for this time of year. But although higher than it has been over the last few years at this time, it is still relatively low with just 620 single family residences on the market. This slightly higher inventory can be attributed to the winter's slow sales leaving more homes on the market than we'd otherwise typically see.
If buyer demand returns to its normal summer levels - and there's no reason to think this won't happen - I would imagine we'll see sales pick up and prices continue to increase.