Home sales in Big Bear for February 2009 (57) were up 68% as compared to February 2008 (34), and 21% compared to January 2009 (47). Year to date home sales are up 66%, not bad.
The first four months of the year are the four slowest of the year, so the outlook this year is not as bad as you hear every day on the news. All real estate is local and this is good news for Big Bear.
27, or 47%, of the 57 home sales in Big Bear were bank owned and 5, or 8%, were short sales.
The number of short sales in Big Bear will, without a doubt, increase as we head through the year. The banks are already taking back a lot of properties and don’t want more. Short sales are less costly and lower the liability to the bank. As long as the selling price is reasonable (fair market value), there are not a lot of loans involved (first, second, third…), the seller can show a hardship (lost job, income, divorce, etc), the bank is more open to a short sale than taking the property back. Expect to see these on the rise in 2009.
The median price for the homes sold was only down 2% from Jan. 2009. But, year to year, it was down 13% from February 2008. Another classic month of Sales Up, Prices Down.
Another key point to look at is the number of homes currently on the market. Last year this time there were 1049 homes on the market. Today there are 889. This is a blessing for home sellers as less inventory means less competition. Just imagine if the inventory was close to 1500 like it was the past two years. More sales and less inventory, along with low interest rates, are a positive sign for any real estate market.
Step outside all of the negative media these days and you will see a different picture.
There is still nearly $100,000 difference in the median asking price of $309,000 and the median selling price of $217,000. If you are trying to sell your Big Bear home in this market, then it will require a realistic price. Banks understand this principle statement. That’s why they make up nearly 50% of the sales, yet they only make up 6% of the total amount of what is for sale. Banks price to sell! The median asking price for bank owned properties in Big Bear is $169,900- go figure!
Big Bear Home Sales – February 2009
|Month and Year||# Homes For Sale||Median Asking $||# Homes Sold||Median Sales $|
Year to Date Sales Comparison (1/1- 2/28 or 29)
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to Sales Price|
As was noted above, this a a good start to the year relatively speaking.
The median & average sales prices are still up from the Feb. 2003 & 2004 levels.
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* Note: The charts above will be updated on a monthly basis. It represents single family home sales in the Big Bear area, including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, & Fawnskin. Data courtesy of the Big Bear MLS. These numbers do not include raw land or condos nor does not include homes in the Big Bear MLS that are located out of the Big Bear area.