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2007 Big Bear Real Estate Market – Slowest Year For Sales In The Last 20 Years

The number of properties sold in Big Bear in 2007 will end up being the lowest amount in more that 20 years. We still have about 10 days left to go but I think it is safe to come out and claim this at this point. Click here to see the sales numbers (courtesy of our local First American Title rep Susanne Saderup).

Big Bear Real Estate Sales - 20 year The previous low was in 1993 when we had 1,390 sales. As of December 1, 2007 there were 961 total sales in the Big Bear Lake area. I am expecting the final number for 2007 to be close to 1,050 total sales, off by nearly 24% from the 1993 number. Keep in mind that these numbers include all real estate sales in Big Bear: residential, vacant land, commercial, business, & government leases. It would be my educated guess at this point that vacant land sales have been hit the hardest and I will post on this later.

Big Bear Real Estate Sales - 10 yearWhile the average price in Big Bear has remained somewhat static over the past couple years, we have definitely seen a large drop in sales. The number of sales recently peaked out at 2,803 sales in 2002 (the highest number of sales was 2,851 in 1989) and has being coming down since. There was a significant drop off in sales the past two years. As compared to 2002, the market this year is off by more than 62% and over 31% compared to 2006.

What does this mean for you? If you are trying to sell a home in Big Bear, you will need to keep these numbers in mind. The days of selling a home in 30 days or less are in the past. Realistic pricing and top notch marketing are the key ingredients to making a property stand out and getting it sold. If you are a motivated buyer, there are some great options to be had. Take your time and look around online. When you are ready to buy, make sure to work with an agent who knows the inventory for sale in Big Bear. Using a knowledgeable, professional real estate agent in the Big Bear area will help save you time and money.

How long is this market going to last? I don’t think anyone knows for sure but we will continue to monitor the numbers and report back to you.

Trackbacks

  1. […] mentioned previously, the real estate market for Big Bear in 2007 will go down as the the slowest year for sales over […]

  2. […] This real estate market is for serious sellers only. What is a serious seller you might ask? A serious seller is someone who has to sell no matter what is going on with the market. A serious seller is willing to price their property accordingly. I am sure if you survey the majority of sellers that closed escrow on their Big Bear property in December of 2007, they will tell you they are not pleased with the price they got for their property but they were happy to get it sold. […]

  3. […] to come down but home sales cannot get much slower than this. Take a look at the past 20 years for Big Bear sales and you won’t find any slower months than the past two […]

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