Compared to the third quarter of last year, sales are down 6% in the third quarter this year with a still healthy 320 Big Bear homes having sold.
Although sales slowed, all major home price measures continued to appreciate.
In a third quarter comparison, the average and median sales prices are up 7% and 13% to $309,299 and $261,000 respectively. Meanwhile, the average and median prices per square foot of Big Bear homes rose 5% and 8% to $207 and $206 respectively.
The average days on market before a Big Bear home sold dropped from 103 days last year to 92 days this year. Meanwhile the number of homes listed for sale has remained essentially the same with there currently being 541 Big Bear homes on the market.
Mortgage rates still remain amazingly low with rates hovering around 4% while qualifying for mortgages continues to become more borrower friendly.
Other local issues that continue to affect the Big Bear real estate market include Big Bear lake's low water levels and the continued improvements taking place at Big Bear's local resorts.
Big Bear lake is currently 16 feet 6 inches from full. This is the lowest water level our lake has experienced since 2004 when the lake was 17 feet 1 inch from full in mid-October. The lower water levels have had a significant effect on lakefront home sales and a lesser effect, but an effect nonetheless, on sales of homes off the lake.
From a more positive perspective, the continued improvements to our local resorts by its new Mammoth Mountain owners have been quite positive. Not only have they added more mountain bike trails this year, but the new owners have also improved the base area by adding a climbing wall, a Euro-Bungee, and an outdoor BBQ picnic area and bar. Construction of a zip line is also underway. These continued improvements will likely bring more visitors to the Big Bear Valley with increased visitorship likely resulting in a rise in home sales.