Big Bear Home Sales
In typical fashion for today’s volatile real estate market, September home sales in Big Bear hit a 2 year high with 92 homes sold.
Home sales rose 19% when compared to the August numbers (92 v. 77), and were up 12% when compared to September 2008 (92 v. 82).
The peak selling season is July thru October so increased sales are not to be unexpected during this time frame. But, the last 4 months have also been the strongest stretch we’ve seen in quite a while.
I believe this increase in sales is a direct response from lower priced bank owned properties that are hitting the market. That, along with organic sellers starting to get realistic on their asking price, has increased sales. If prices were higher, sales would be lower.
33, or 36%, of the 92 home sales in Big Bear were bank owned. This is a just a touch higher than last month. 7 of the sales, or 8%, were short sales, which is 3 more than last month.
That means 52, or 56%, of the sales in September 2009 were “organic”, or traditional sellers – another strong month for them, though this number has been slowly decreasing.
Bank owned properties currently only make up 6% of what is for sale in Big Bear, yet they continue to make up between 30% to 40% of what is selling every month.
Big Bear Home Prices
The median sales price in September 2009 was on the rise.
It rose a modest 9% from the August number ($190,358 vs. $170,400), though it is still down 15% from the September 2008 median ($190,358 vs. $224,500).
Prices continue to be up and down, depending on the month. With limited sales, this can be expected. One thing is for sure though – the lower prices are driving the activity level of buyers. Without the lower prices, the buyers would still be on the fence.
There is nearly $120,000 difference between the median asking price of $310,000 and the median selling price of $190,358.
Homes Currently on the Market
This is the most important number for the Big Bear real estate market right now. The number of listings for sale in Big Bear is down nearly 300 homes, or 27%, from last year.
This is important for several reasons.
One, the lower the amount of inventory means less competition for other sellers on the market. And two, limited selection for interested buyers. If this continues, it should help stabilize prices and maybe even a rise for selected properties. But, my previous posts about the large amount of properties in foreclosure show that there is still way too much uncertainty in this market.
Big Bear Home Sales – Thru Sept 2009
| Month and Year | # Homes For Sale | Median Asking $ | # Homes Sold | Median Sales $ |
|---|---|---|---|---|
| Sept 2009 | 807 | $310,000 | 92 | $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 | 57 | $217,000 |
| Jan 2009 | 902 | $319,000 | 47 | $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 |
| 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 |
Third Quarter Comparison (7/1 – 9/30)
| Year | # of Homes Sold | Median Sales Price | Average Sales Price | Days on Market | List Price to Sales Price |
|---|---|---|---|---|---|
| 2009 | 256 | $195,000 | $256,394 | 123 | 95% |
| 2008 | 205 | $235,000 | $287,787 | 128 | 94% |
| 2007 | 206 | $299,900 | $403,925 | 126 | 95% |
| 2006 | 291 | $320,000 | $393,253 | 85 | 96% |
| 2005 | 537 | $295,000 | $365,214 | 54 | 98% |
| 2004 | 540 | $240,000 | $285,646 | 66 | 98% |
| 2003 | 451 | $194,000 | $234,457 | 62 | 97% |
Year To Date Comparison (1/1- 9/30)
| Year | # of Homes Sold | Median Sales Price | Average Sales Price | Days on Market | List Price to Sales Price |
|---|---|---|---|---|---|
| 2009 | 623 | $207,000 | $272,507 | 128 | 95% |
| 2008 | 498 | $253,000 | $328,210 | 131 | 94% |
| 2007 | 615 | $315,000 | $415,163 | 122 | 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 | $177,400 | $218,642 | 56 | 98% |
Big news here as this is the first sign that 2009 may end up better than 2007 sales. If it does hold up, it looks like 2007 and 2008 will be the low point for home sales. Prices however, may be low for the next 1-2 years.
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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 it include homes in the Big Bear MLS that are located out of the Big Bear area.
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Big Bear Home Sales – August 2009
Tyler – great information and data for anyone following the Big Bear Real Estate market. It seems like the asking price and selling price of any particular home has been on average close (i.e. selling price seem to be 90-95%+ of asking price for a particular home). Is the $120K difference between the median asking price and the median selling price a reflection that the large majority of home sales are lower priced homes and not as many higher priced homes are selling?
Thanks Linda.
Yes, I think that is exactly the point. Homes over $300,000 make up a very small percentage of what is selling in Big Bear. I think there are also many homes priced too high for the market. If they get the price closer to the median selling price, they would sell. For example, a home priced at $250,000 that really needs to be under $200,000 in order to sell. There are many of these type of properties on the market right now.