As expected, home sales in Big Bear dropped in January. Sales in January represent buying activity in November and December – and peak holiday season = slow home buying season. The median sales price dropped significantly as well.
Big Bear Home Sales
Home sales in January were down 29% when compared to the December sales (56 v. 79). On a brighter note, sales were up 10% when compared to the same month last year (56 v. 51).
Given that January thru April are the 4 slowest months of the year for sales, this number is not all that bad in my opinion. What will interesting to see is the Feb. and March numbers. Given all the snow we’ve received recently, I think that has slowed sales down just a bit.
26, or 46%, of the 56 home sales in Big Bear were bank owned, about 13% more than last month. That is noticeable increase from the 30-35% we’ve been seeing that past few months.
4 of the sales, or 7%, were short sales, which is 3% less than last month. Short sales continue to make up a large amount of what is in escrow, nearly 35%, but yet very few of the closings. I have yet to see a month were they make up more than 10% of the closings. This is important if you are buying a short sale – there’s a good chance it may not go through.
26, or 46%, of the sales in January 2010 were “organic”, or traditional sellers – a decrease of 12% from last month.
Big Bear Home Prices
The median sales price in January 2010 dropped significantly. In fact, it’s was the lowest we’ve seen for the median price in more than 2 years. The median dropped 27% from the December number ($163,750 vs. $225,000), and was down 26% from the January 2009 median ($163,750 vs. $225,000).
Hard to draw any conclusions from this data other than the lower end of the market is what people are buying right now. There are some higher end sales happening, but few and far between.
Homes Currently on the Market
The number of homes for sale in Big Bear continues to go down, dropping another 6% from the December number (624 vs. 661). Year over year, it is down 31% from the January 2009 number (624 vs. 902).
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 January 2010
|Month and Year||# Homes For Sale||Median Asking Price||# Homes Sold||Median Sales Price|
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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.