The number of Big Bear homes sales increased significantly in a September same month comparison as did all four price measures.
Home sales this September were 37% higher than last year with 168 closings. The average and median sales prices were up a remarkable 18% and 13.5% to $347,093 and $289,500 respectively. The average and median prices per square foot were up 10% and 9.5% to $232 and $221 respectively.
The average Days On Market for Big Bear homes dropped by 4 days to 102 while the sales price to list price ratio rose from 97% to 98%.
In a year-to date comparison, Big Bear home sales in 2017 are up 22% over the same time period from last year. The average and median sales prices are up 5.5% and 4% to $298,835 and $250 respectively. The average and median prices per square foot are up 7% and 4.5% to $293 and $200 respectively.
Days On Market has risen slightly from 100 to 103 while the sales price to list price ratio is steady at 97%
There are currently only 404 Big Bear homes for sale compared to the 541 homes listed at this time last year representing a 25% decrease in inventory. When you divide the 404 current homes for sale by the 168 sales from last month, that results in a meager 2.4 month's worth of inventory!
With interest rates still hovering around the 4% mark and the national and local economies showing no signs of slowing, I'd expect the market to stay strong through the foreseeable future.