My last blog post showed what Big Bear real estate has done in an August's same month comparison. Let's now look at a comparison of what the market has done so far in 2015 and compare that to the same time period from last year.
First, let's take a look at Big Bear home sales. From January 1st through August 31st of this year, there have been 740 home sales. During that same time period in 2014, we had 620 closings. This represents a 20% increase in number of sales. So buyer demand has increased substantially from last year.
Looking at the average sale prices of sold Big Bear homes, so far this year, the average sale price has been $276,603 while the average from 2014 was slightly less at $275,249. So we have only seen a slight increase in average price so far in 2015.
The median sale price shows more significant appreciation with an increase from $202,000 in 2014 to $220,000 this year. This represents a 9% increase in the median price of a Big Bear home so far in 2015.
The average and median price per square foot both showed increases as well. The average price per square foot of Big Bear homes rose from $185 in 2014 to $191 this year for a 3% increase while the median price per square foot rose from $174 last year to $183 this year representing a 6% increase.
The increase in buyer demand for Big Bear homes this year has pushed all four price measures higher, albeit at a slower pace than the appreciation we've seen over the past few years. Regardless, the Big Bear real estate market remains strong behind it's increasing number of home sales and its relatively low level of listings. As these market forces continue, price are likely to continue their upward path.