Looking at sales through the first two months of 2016, we see prices continuing to rise as inventory remains low and sales remain steady.
Compared to the first two months of 2015, 2016 has seen the average and median sales price rise 1.5% and 1% to $304,429 and $242,000 respectively. Although these are modest gains, the average and median price per square foot made a more significant advance improving 10% and 7% to $200 and $202 respectively.
The number of Big Bear homes sold through the end of February remained exactly the same as 2015 with 140 closings. The number of Big Bear homes listed for sale this February averaged 393 while last February averaged 412 listings. With buyer demand staying steady and inventory sliding lower, market forces are in place to see continued market appreciation.
One of the more understated influences of current market conditions is the amazingly low mortgage rates. With reports of 30 year fixed loans now dipping below 3.5%, interest rates are truly at an all time low. These rates make home buying quite attractive as homes become much more affordable as rates drop.
With 2016 off to a strong start, I am optimistic that heading into our busy summer months we will see the market show continued improvement.