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Big Bear Home Sales – February 2010

Home sales in Big Bear remained relatively stable in February 2010 with no major shifts either way.

Big Bear Home Sales

Home sales in February were up a modest 7% when compared to the January sales (61 v. 57), and year over year, sales about 5% from the February 2009. Compared to Feb. 2008, however, sales were up 80%, further proof that 2008 was the bottom for number of sales.  As for the pricing bottom, that remains to be seen.

24, or 39%, of the 61 home sales in Big Bear were bank owned, about 7% less than last month

8 of the sales, or 13%, were short sales, which is 6% more than last month. Short sales continue to make up a large amount of what is in escrow, nearly 41%, but yet very few of the closings, less than 10%.  This is important if you are buying a short sale – there’s a good chance it may not go through.

29, or 48%, of the sales in February 2010 were “organic”, or traditional sellers – an increase of 2% from last month.

Big Bear Home Prices

The median sales price increased a bit in February 2010, which was a welcome sign as January was the lowest we’ve seen in more than 2 years. The median went up 11% from the January number ($180,000 vs. $162,500), but was down 16% from the year over year median in February 2009 ($180,000 vs. $215,500).

Expect to see these numbers fluctuating quite a bit, with year over year median prices remaining lower.  But, the gap could get closer as we head thru the rest of 2010.

Homes Currently on the Market

The number of homes for sale in Big Bear dropped slightly, only 1% from the January number (617 vs. 624), which may suggest we will be seeing an increase inventory over the next few months.  that is not a definite as last year inventory remained flat around the 900 mark for 6 months or so.

Year over year, the number of homes for sale in Big Bear is down 31% from February 2009 (617 vs. 889).

So, in short, more sales, less homes for sale to choose from.

My advice from last month still remains –

The reality of lower inventory is showing up everyday in the market. Properly priced homes are coming on the market and have 3-4 offers within a week period. There are less options for sale, and the buyer’s eyeballs are looking at the same properties.

If you are trying to sell, and you are not seeing any activity, you have to ask yourself why?

For sellers, this is why it is extremely important to price your property correctly in the beginning. The first 30 days are crucial to a successful sale. Miss that opportunity and you will be fighting uphill the rest of the way as it’s very hard to get back in the buyer spotlight.

For buyers, if something good comes on the market, you can be assured that you will be competing against more than one buyer.

Big Bear Home Sales – Thru February 2010

Month and Year # Homes For Sale Median Asking Price # Homes Sold Median Sales Price
Feb 2010 617 $285,000 61 $180,000
Jan 2010 624 $298,750 57 $162,500
Dec 2009 661 $289,900 79 $225,000
Nov 2009 709 $299,900 88 $222,450
Oct 2009 765 $299,900 94 $206,500
Sept 2009 807 $310,000 94 $190,358
Aug 2009 864 $313,000 75 $170,400
July 2009 909 $309,000 87 $225,000
June 2009 927 $310,000 78 $265,000
May 2009 902 $316,000 56 $235,000
April 2009 894 $300,000 61 $205,000
Mar 2009 893 $299,950 54 $179,500
Feb 2009 889 $309,000 58 $215,500
Jan 2009 902 $319,000 51 $220,000
Dec 2008 956 $320,905 41 $262,000
Nov 2008 1032 $325,000 50 $240,287
Oct 2008 1078 $329,000 73 $255,000
Sept 2008 1109 $328,500 82 $224,500
Aug 2008 60 $282,500
July 2008 62 $205,000
June 2008 62 $247,500
May 2008 67 $290,000
April 2008 50 $299,500
Mar 2008 1082 $339,950 49 $288,000
Feb 2008 1049 $345,000 34 $249,950

Year to date, sales are up 8% from 2009, but the median and average prices are each down 22% and 16% respectively.  Prices today are still very comparable to what we were seeing in 2003/2004.

Year To Date Comparison (1/1- 2/28)

Year # of Homes Sold Median Sales Price Average Sales Price Days on Market List Price to Sales Price
2010 118 $168,750 $236,843 125 95%
2009 109 $215,000 $283,599 133 94%
2008 60 $259,950 $367,388 137 95%
2007 132 $314,950 $380,438 126 96%
2006 181 $324,500 $405,710 82 97%
2005 182 $272,500 $324,856 91 97%
2004 212 $195,000 $237,105 91 97%
2003 229 $169,00 $217,763 51 98%

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* Note: The charts above are updated on a monthly basis. They represent 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 it include homes in the Big Bear MLS that are located out of the Big Bear area or home sales not listed in the Big Bear MLS.

Related Articles

Big Bear Home Sales – January 2010

Big Bear Home Sales – December 2009

Comments

  1. Hello, I am hoping you can help me with information about a specific piece of property that I think sold in February. The property address is 43335 Shasta Road, Big Bear. How much did the property sell for and was it a bank foreclosure or sale by owner? Thanks. Cathy

    • Tyler Wood says:

      Hello Cathy,

      Thanks for the email.

      The property goes street to street and the MLS showed the address as 44333 Siskiyou Lane. The APN is the same so I am sure we are talking about the same property. It sold for $252,000 on 02/25/2010 per the Big Bear MLS and the title records I am seeing. It was a standard MLS sale, not bank owned or for sale by owner.

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