Big Bear Real Estate Fast Facts:
- 905 Active residential listings valley wide / only 49 (5.4%) of these are Bank Owned REO properties. Big Bear is not a foreclosure mecca, but there are some great deals to be found. Inventory is down from 2008 and holding around 900 for the last 30 days. This is usually a time of the year when the inventory naturally increases for the summer months ahead.
- 126 Pending sales in escrow / 40 (31.7%) of these are Bank Owned REO properties. Surprisingly, only 21 of these are short sales.
- 249 Sold YTD 2009 VS. 186 Sold YTD 2008 (33.3% increase this year in units sold) While units are up, prices are down from an average of $355,818 in 2008 to $272,421 in 2009 (23.4% decrease).
- 118 (47%) of the sales YTD were Bank Owned REO properties. With only 5.4% of the inventory, bank owned properties are driving the market.
- Price differential (list vs. sold price) is 95.56% for the past 30 days VS. 93.91% during the same period 2008. Buyers that think they can offer 20% under list price won’t be buyers in this market.
- 123 average days on the market for properties sold in the past 30 days, compared to 151 days on the market during the same period 2008 (18% reduction of DOM). Days on the market decreasing is a sign of a shift in the real estate market.
Don’t believe everything you hear on the National News, Real Estate is local!
Steve Hirschler
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