With Thanksgiving just a few days away, thoughts tend to turn towards things we are thankful for. A few years ago, it was quite difficult to find even silver linings in the world of Big Bear real estate. But over the last two years, since the third quarter (Q3) of 2011, we've seen consistent and unexpectedly strong growth. And for that, I am VERY grateful!
So how much of a rebound has Big Bear real estate experienced? Look at the figures below comparing our lowest quarter of price measures in the market as compared to the most recent quarter which posted the strongest numbers yet.
As you can see, over the past two years, the average Big Bear home price has gone up 31% while the median Big Bear home price has risen 34%. Let's look at the price per square foot price measures.
Here we see the average price per square foot of a Big Bear home increasing 26% and the median price per square foot rising 22% over the past two years.
For all four major price measures, we have seen far greater than expected growth in the Big Bear real estate market.
The reason for this appreciation in home prices is pure supply and demand. Q3 of 2011 saw 162 sales while Q3 of this year had 372 sales, representing a 130% increase in homes sold. Meanwhile, the number of Big Bear homes listed for sale dropped from an average of 795 in Q3 of 2011 to just 500 listings in Q3 of this year, representing 37% fewer homes now on the market.
With sales more than doubling and with far fewer listings, it is looking like the market will remain strong for quite some time. And for that, I am thankful!