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Big Bear Real Estate – Monday Market Update For 11/24/2008

Big Bear Real Estate DataBelow is an update for the Big Bear real estate market as of 11/24/2008.

The number of residential properties listed for sale in Big Bear now stands at 1067 total. This is only up one from last week so not a big shift either way.  I do expect this number to go down in the winter months as the market slows down.

A lot of people think our market is good during the winter months as it is the peak skiing season.  The fact is the winter months are the slowest months of the year for real estate in Big Bear. Driving around in the snow and trying to get in houses with several feet of snow on the ground is not the ideal way that most clients want to look at homes.

The best months are the summer months as that is normally when we see the highest amount of inventory on the market for sale and when a higher number of sales occur.  It is also a lot easier to see homes during this time.  The weather here in the summer in unbeatable.

Many homes are still sitting on the market.  As we head into winter, many sellers will take their proeprty off and try again in the spring or summer.

The number of houses in escrow now stands at 97, down 8 from last week, while the number of closed sales stands at 605 year-to-date, up 12 from last week.

There are currently 388 vacant land listings for sale in Big Bear, which is 13 more than the number last week. The number of pending sales stands at 11, which is a very small amount when compared to the number vacant lots for sale. Selling a piece of vacant land in this market is continues to be nearly impossible.  Unless you are willing to take a big hit on the price, I would recommend holding on to the property until the market changes quite dramatically.

Closed sales for vacant land stands at 66 sales for the year, up just 1 from last week.

The number of condos for sale in Big Bear is 54 (up 1) while the number of pending sales remained the same at 3.  The number of condos sold in Big Bear for the year stands at 20 total, also the same as last week.

Property Type Listings for Sale Pending Sales Sales Year to Date
RESIDENTIAL 1067 97 605
VACANT LAND 388 11 66
CONDOS 54 3 20

There were no changes in government lease properties in Big Bear this week. There are still 12 for sale, 1 pending sale, and 10 closed sales this year for the these types of cabins.

The number of commercial & residential investment opportunities on the market stands at 52, down 1.  There are 8 pending sale and a total of 12 closed year-to-date, same as last week.

Business opportunity listings stand at 15 for sale, down 1, while closed sales for the year and pending escrows are 5 & 1 respectively, identical to last week’s numbers.

See last week’s Big Bear real estate market numbers.

Be sure to check back here every Monday for your Big Bear Market Update or sign up to get this emailed to you every week.

* Information updated weekly, courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area or data on properties in Big Bear that are listed in other MLS systems.

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