After a busy holiday season here in Big Bear coupled with the biggest snow storm we've seen in the past 5 years, we are finally catching our collective breaths and trying to get back to business as usual in the Big Bear real estate market.
Being the New Year, it's a great time to run the numbers on Big Bear home sales to get a perspective of what the market is doing, why it is doing what it is doing, and what might happen in the future.
Let's start with a quick look at the home sale numbers for 2015 and compare them to those of 2014.
As far as the number of homes sold in Big Bear, we saw a 12.5% increase in 2015 with 1,196 single family residences selling.
The average and median sales prices both showed continued growth in 2015 with the average sale price rising 4% to $286,129 while the median sale price rose 11% to $227,000.
The average and median price per square foot of sold Big Bear homes also showed gains. The average price per square foot was up 5.5% to $195 while the median price per square foot gained 6% to $187.
The average number of Days On Market in which it took for a Big Bear home to sell rose slightly from 99 days to 110 days while the median also rose from 73 days to 76 days.
The average and median sales price to list price ratios rose 1% each to 97% and 98% respectively.
So overall, we saw continued market improvement in 2015 with buyer demand increasing and prices still appreciating, albeit at a slightly slower pace than we've seen over the last few years.
I will be taking a closer look at sales numbers this week and will give a more historical perspective on what the market is doing. But for those of you interested in how 2015 stacked up to 2014, hopefully this will satisfy you for the time being as to how the market has fared.
Again, stay tuned for more Big Bear real estate market updates throughout the week.