Below is your weekly update for the Big Bear real estate market as of 5/4/2009.

These are the quick stats for the week -

38 new residential listings for the week -3 bank owned (8%), 3 short sales (8%), and 32 organic (84%).

27 new residential pending sales for the week – 10 bank owned (37%), 6 short sale (22%), and 11 organic (41%).

12 new residential closed sales for the week - 6 bank owned (50%), 1 short sales (8%), and 5 organic (42%).

Again, while the bank owned and short sales make up a minority of what is coming on the market for sale, they are mkaing up the majority of what is selling.  Price has everything to do with it.

The overall market is still heavily favored towards the buyers.  But, with bank owned properties the market is favored towards the seller (banks).  We are seeing multiple offers every week on bank owned properties, and properties priced realistically by traditional sellers.  Hence, not a buyers market on those properties.

There are plenty of buyers looking for good buys these days, and not a lot of sellers looking to price them aggressively.  So, when one does come up, it will no doubt sell in a 1-4 week period.

See last week’s Big Bear real estate market numbers.

Big Bear Foreclosure Update For The Week

There were 9 properties that went back to the bank, 3 more than the week previous.  Expect to see these on the market for sale over the next week and coming months.

1264 Balsam is going to be a great option for somebody in the coming weeks. It went back to the bank for $396,000, about $100,000 less than what it is really worth.  Here’s my note from last week “1264 Balsam would be one that I would try to buy if the bid price is anywhere near $500,000.” No one picked it up.

This property sold for $770,000 on 9/15/2006.  Someone could have bought this place for a sweet price!  If you are looking to buy a nice place in the Moonridge area, have your agent keep on eye for this one to hit the market.  My guess is there will be a lot of interest when it comes up.

The median price for properties that went back to the bank was 20% less than the published opening bids.  This means the banks are dropping their published bids prices at the auctions. You have to be there to know about it though.

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, 33 total, 11 more than last week.

There are several properties below in the prime areas or Fox Farm and Moonridge though the majority of these are located on the east end of town in Big Bear City, Sugarloaf, and Erwin Lake.

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.