The trend continues for Big Bear real estate; sales have slowed but prices continue to rise.
Compared to last November, this November saw an 11% drop in the number of Big Bear homes sold. Meanwhile, prices have continued to rise with all four major price measures showing gains.
The average and median sales prices were up 20% and 12% as compared to last November and are currently at $304,578 and $230,000 respectively. The average and median price per square foot were up 9% and 8% this November as well at $188 and $178.
On a year-to-date comparison, we see similar trends in the Big Bear home market. Sales are down about 20% this year through November but prices are still rising.
So far this calendar year, the average and median sales prices are up 6% and 10% to $274,984 and $202,560 while the average and median prices per square foot are up 14% and 12% to $185 and $175.
The inventory of Big Bear homes for sale has followed its usual trend with the number of listings dropping as the holiday season approaches. After peaking at just over 700 homes for sale this summer, there are currently just 513 Big Bear home listings.
Mortgage rates are still low with 30 year fixed rates hovering around the 4% mark.
Overall, the Big Bear real estate market is still going strong. Prices are continuing to rise and there are no economic indicators that suggest there may be a change on the horizon.