With Big Bear's ski resorts open and the Holiday Season right around the corner, it's hard to believe another year is almost behind us. With less that one month to go, let's look at how real estate sales shaped up this past month as well as look at the Big Bear Real Estate market from a year-to-date perspective.
Comparing Novembers
Sales were up 4% this November as compared to November of 2015. The average and median sales prices both showed appreciation rising a slight 1% and 2% to their current values of $290,932 and $219,000 respectively. The average and median price per square foot rose a more generous 9% and 5% to $203 and $188. The sale price to list price ratio was up 1% with Big Bear homes selling at 97% of list price this November while the Days On Market rose from 110 days last November to 123 days this November.
Year-To-Date Comparison
Sales are up 12.5% so far this year as compared to the same time period last year. The average and median sales prices are up 4% and 11% to $284,842 and $222,400 respectively. The average and median prices per square foot are up 5% and 6% to $194 and $185. The sales price to list price ratio has risen 1% to 97% this year and the average Days On Market has risen from 110 days to 123 days.
It looks like the Big Bear real estate is moving more towards normal market conditions with single digit annual growth. After several years of double digit gains, it makes sense that things simmer down a little. But with sales up and inventory down, and perhaps more importantly with a record El Nino expected this winter, we may say a return to double growth sooner than expected.