The Big Bear real estate market stayed on a tear this November with sales of Big Bear homes up 35% as compared to November of last year.
In addition, the average sale price is up about 6% to $325,549 and the median is up almost 8% to $285,000. The average price per square foot rose 4% to $230 while the median rose almost 10% to $220. The average days on market stayed steady at 120 days while the sales price to list price ratio is steady as well at 97%.
When we look at the market from a year to date perspective, Big Bear home sales are up 12% to 1318 closings so far this year. The average sale price is up 6.5% to $333,318 and the median is up 4% to $264,500. Meanwhile, the average price per square foot is up 7% to $222 while the median is up 5% to $214. The days on market so far this year is up slightly from 102 days last year to 108 days this year while the sales price to list price ratio is steady at 98%.
Perhaps the most remarkable statistic reflecting the state of Big Bear's real estate market is the lack of homes for sale. In the entire valley, there are currently only 315 Big Bear homes for sale yet there were 147 sales last month. That reflects a strikingly low 2.25 months of inventory - a number which I can't ever remember seeing in Big Bear's market. A typical, balanced real estate market usually has 4 months to 6 months of inventory. The current 2.25 months reflects the strongest seller's market that Big Bear has seen in quite some time.
With the economy still soaring and interest rates still unbelievably low, I see no reason why we won't continue to see home values rise in Big Bear heading into our busiest season of the year for visitors to our valley.