Looking at sales so far this calendar year, we see all four major real estate price measures showing appreciation.
The average and median sale price of a Big Bear home so far in 2013 is $248,763 and $189,450. This is up from $237,181 and $167,500 last year representing an increase of 5% and 13% in values.
A more accurate indicator of property values tends to be the average and median price per square foot. These measures show appreciation as well. The average and median price per square foot have risen from $145 and $138 in 2012 to $164 and $152 this year. This represents and increase in these measures of 13% and 10% respectively.
Beyond price measures, we continue to see other signs suggesting the market is poised to appreciate even further.
The average number of days on market a home is listed before selling has dropped from 127 last year to 99 this year. The median DOM has dropped from 76 to just 53 days. The average sale price to list price ratio continues to improve from 96% last year to 97% this year. This shows that on average, sellers are conceding just 3% less than their asking price compared to 4% last year.
In addition to these improving numbers, we have seen a significant increase in buyer demand this year as the number of Big Bear homes sold has risen year-to-date from 887 last year to 1030 this year. This represents a 16% increase in the number of sales. Meanwhile, the current number of Big Bear homes for sale is near a seasonal low with only 440 homes listed. Considering that in November 2011 we averaged 711 listings, we can see that from the supply side of the equation that inventory is remarkably low.
Looking at these Big Bear real estate numbers, we see a strong recovering market with no indication of there being any significant change of direction in the foreseeable future. With mortgage rates still well below 4.5%, it remains an opportunistic time to buy as prices are increasing while interest rates are staying low. For sellers, if you've been looking to list your property, with more buyer demand and fewer listings to compete against, it might be time to take advantage of the current market conditions.