Comparing Novembers...
Big Bear real estate continues to show signs of recovery as November's sales show gains in all measures.
As compared to last November, this November's average home price increased 6% from $$211,913 to $225,145. The median price of a Big Bear home showed similar improvement increasing from $168,000 to $175,000 for an increase of 4%.
The average and median prices per square foot increased 3% and %5 to their current values of $148 per square foot and $142 per square foot respectively.
The number of sales of Big Bear homes in November increased 9% to 99 closings this year from 91 last year. Home inventory remains remarkably low with just 415 Big Bear homes for sale as of December 1st.
Comparing Year-To-Date Numbers
When looking at a year-to-date comparison, we see increases among all major price measures as well.
The average and median prices have both increased when comparing sales from January 1st through November 30th of last year to this year. The average Big Bear home price so far this year is $235,972 - an increase of 4% from last year's $226,694. The current year's median price is $167,750 - an increase of almost 2% over last year's $165,000.
The average price per square foot is up this year, albeit marginally, with an increase of less than 1% and stays around $145. Meanwhile the median price per square foot has risen by almost 4% to $138.
Sales in 2012 have shown significant improvement. Sales have increase this year by 28% to 986 closings this year. Again, with sales up and the number of homes for sale in Big Bear staying historically low, the fundamentals are there for a shift towards a seller's advantage in the Big Bear real estate market.