The Big Bear real estate market continues to recover with October posting gains in all four major price measures.
Comparing October of 2012 to October 2013, the average and median sales prices rose 1% and 17% to $237,000 and $191,000 respectively while the average and median price per square foot rose 17% and 15% to $176 and $166.
The average days on market has dropped from 100 days in October 2012 to 90 days this October while the median dropped from 69 days to 54 days. Last October, homes sold on average at 97% of list price and this number remained unchanged for October 2013.
The inventory of homes for sale continues to drop. October sales resulted in only 3.8 months of inventory. This suggests that at the current rate of sales, if no new listings were to come on the market, all currently listed homes would be sold in 3.8 month's time. This is the lowest home inventory we've seen since October of 2012 where it hit its 10 year low of 3.7 months.
Although these are all positive numbers, the number of homes that sold in October suggest that the market may be cooling. The number of homes sold last October compared to this October were exactly the same at 122 closings. Although this isn't reason to worry, it is noteworthy that this is the first month in quite some time in which monthly sales did not outpace those of the same month of the previous year.
Overall, the market appears to be steadily improving. Although we've heard rumors and predictions of market slowdowns, we have yet to see any significant change in the Big Bear real estate market. With home inventory near record seasonal lows, it stands to reason that the market should remain healthy heading into 2014.