Below is your weekly update for the Big Bear real estate market as of 4/27/2009.
| Property Type | Listings for Sale | Change from Last Week | Pending Sales | Change from Last Week | Sales Year to Date | Change from Last Week |
|---|---|---|---|---|---|---|
| RESIDENTIAL | 901 | +13 | 127 | -6 | 216 | +23 |
| VACANT LAND | 371 | -6 | 10 | 0 | 10 | +2 |
| CONDOS | 44 | +2 | 6 | +1 | 7 | +1 |
| GOVERNMENT LEASE | 13 | 0 | 1 | +1 | 0 | 0 |
| COMMERCIAL & RES INVESTMENT | 62 | -3 | 5 | 0 | 5 | +1 |
| BUSINESS OPPORTUNITY | 15 | 0 | 1 | 0 | 0 | 0 |
| TOTAL | 1406 | +6 | 150 | -4 | 238 | +27 |
These are the quick stats for the week -
42 new residential listings for the week -11 bank owned (26%), 0 short sales (0%), and 31 organic (74%).
23 new residential closed sales for the week – 10 bank owned (43%), 3 short sale (14%), and 10 organic (43%).
24 new residential pending sales for the week - 8 bank owned (33%), 7 short sales (29%), and 9 organic (38%).
There was a big jump in activity last week with new listing, sales, and escrows all up substantially.
While the majority of the market may be stagnant, there is big demand on those properties that are priced aggressively. We have been seeing multiple offers on numerous properties in Big Bear.
What’s the key ingredient of all of these sales & pending escrows? They are the best in show from a price standpoint.
If you are buyer looking to get a great deal on something, be advised, you are not the only out there looking right now. There are plenty of buyers looking to buy right now, but getting a deal is their #1 concern.
As a buyer, it is important to know what is a deal, and what is not. If it is already a deal, you better be willing to spend the asking price, or even more, to get the property. I have 2 properties listed for sale right now with multiple offers over the asking price. I don’t say this to gloat, I say it because it is reality!
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were 6 properties that went back to the bank, 2 less than the week previous. Expect to see these on the market for sale over the next week and coming months.
The median price for properties that went back to the bank was 31% less than the published opening bids.
There are some good opportunities for buyers with cash to pick up a deal.
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week, 22 total, 2 more than last week.
Many of these properties are located in good locations – Fox Farm & Moonridge to name a few. 1264 Balsam would be one that I would try to buy if the bid price is anywhere near $500,000. It is newer, well built, and a private Moonridge setting.
The best way to buy one of these properties at a Trustee’s sale is to know about it months in advance. We can help with that if you are interested.
The majority of these may be postponed for one reason or another, so make sure to double check before showing up at the sale.
Be sure to check back here every Monday for your Big Bear Market Update or sign up to get this emailed to you every week.
* Information updated weekly, courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area or data on properties in Big Bear that are listed in other MLS systems.
