Home sales in Big Bear hit their highest mark of the year with 82 homes sold in the month of September. This surpasses the previous monthly high of 2008 which was 67 homes sold in the month of May. This is also 22 (27%) more than Aug. 2008 and the previous Sept. 2007.
The median price for Sept. home sales was $224,500, down 21% from Aug. 2008 and down 17% from Sept. 2007. The median price has been all over the board the past 5 months, ranging between $205,000 to $290,000. With such a limited amount of sales, I guess this is understandable.
There remains over $100,000 difference between the median asking price of $328,500 and the median sales price of $224,500. Selling a home in this market requires an aggressive price. Otherwise, you will be one of the many others out there that are not selling.
One of the main causes for this higher number of sales in such economic uncertain times is the bank owned & short sale properties. These made up 17 (16 bank owned & 1 short sale) of the 82 (20%) home sales in September. Take these out of the equation and home sales look more in line with last month, and last year for that matter. So, while the bank owned properties may be driving the real estate prices downward, there are buyers who are jumping on the opportunity to by them.
Big Bear Homes Sales – September 2008
| Month and Year | # Homes For Sale | Median Asking $ | # Homes Sold | Median Sales $ |
|---|---|---|---|---|
| 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 |
| Jan 2008 | 1094 | $339,900 | 30 | $283,250 |
| Dec 2007 | 55 | $273,750 | ||
| Nov 2007 | 66 | $282,500 | ||
| Oct 2007 | 53 | $310,000 | ||
| Sept 2007 | 60 | $269,750 | ||
| Aug 2007 | 81 | $310,000 | ||
| July 2007 | 70 | $293,450 | ||
| June 2007 | 59 | $350,000 | ||
| May 2007 | 81 | $309,900 | ||
| April 2007 | 59 | $340,000 | ||
| Mar 2007 | 82 | $311,100 | ||
| Feb 2007 | 78 | $302,500 | ||
| Jan 2007 | 55 | $325,000 | ||
| Dec 2006 | 95 | $320,000 | ||
| Nov 2006 | 90 | $392,000 | ||
| Oct 2006 | 96 | $270,000 | ||
| Sept 2006 | 97 | $340,000 |
Year to Date Sales (1/1/2008 – 9/30/2008)
| Year | # of Homes Sold | Median Sales Price | Average Sales Price | Days on Market | List Price to Sales Price |
|---|---|---|---|---|---|
| 2008 | 496 | $253,000 | $328,051 | 131 | 94% |
| 2007 | 615 | $309,000 | $408,017 | 120 | 96% |
| 2006 | 877 | $319,000 | $393,837 | 78 | 97% |
| 2005 | 1337 | $280,000 | $350,770 | 68 | 98% |
| 2004 | 1393 | $227,500 | $269,826 | 77 | 98% |
| 2003 | 1172 | $184,950 | $223,165 | 55 | 98% |
Though we have seen a pick up in sales over the past two quarters, the number homes sold this year is still 119 (19%) behind the 2007 numbers. The median sales price for 2008 is off 18% from the 2007 median, and the 2008 average sales price is off 20% from 2008.
Year to date sales are off more than 60% from 2004 numbers though the median & average sales price for 2008 are still higher than 2004 by 10% & 18% respectively.
* Note: The chart 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.
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