In a same month comparison, we saw the number of sales stay steady this September while all four price measures showed increases.
This September saw 115 Big Bear homes sold as compared to 114 from September of last year.
We also saw the average sale price of Big Bear homes rise from $234,457 to $320,101 for a whopping 37% increase. Meanwhile, the median sales price rose from $184,000 to $262,000 for an amazing 42% increase.
Of course, home values didn't truly increase to that extent. In a smaller real estate market like Big Bear's, it only takes a few sales on the higher end of things to sway these numbers significantly. That is why most real estate professionals will look to the average and more so median price per square foot as better indicators of market movement.
In that regard, the average price per square foot rose 7% to $198 this September while the median rose 11% to $193.
So impressive appreciation all around on a same month comparison basis.
On a year-to-date comparison, we see the number of Big Bear home sales through the third quarter of the year showing a 17% increase over 2014 with 857 closings so far in 2015.
All four price measure also show appreciation with the average and median sales prices rising 5% and 11% to $282,290 and $220,000 respectively. As well, the average and median prices per square foot of sold big Bear homes have also risen 4% and 6% to $192 and $185 respectively.
This longer term look at the year-to-date Big Bear real estate numbers suggest a return to a normal real estate market in which a 5% to 7% annual appreciation is the historical norm.
But with Big Bear home sales increasing and inventory remaining low, the fundamentals for greater home value appreciation are present. Coupled with the recent announcements of pending substantial improvements to our local ski resorts and the prediction of an unusually strong winter on its way, there are many reasons to remain bullish on the Big Bear real estate market.