Big Bear Home Sales
Home sales in February were up a modest 7% when compared to the January sales (61 v. 57), and year over year, sales about 5% from the February 2009. Compared to Feb. 2008, however, sales were up 80%, further proof that 2008 was the bottom for number of sales. As for the pricing bottom, that remains to be seen.
24, or 39%, of the 61 home sales in Big Bear were bank owned, about 7% less than last month.
8 of the sales, or 13%, were short sales, which is 6% more than last month. Short sales continue to make up a large amount of what is in escrow, nearly 41%, but yet very few of the closings, less than 10%. This is important if you are buying a short sale – there’s a good chance it may not go through.
29, or 48%, of the sales in February 2010 were “organic”, or traditional sellers – an increase of 2% from last month.
Big Bear Home Prices
The median sales price increased a bit in February 2010, which was a welcome sign as January was the lowest we’ve seen in more than 2 years. The median went up 11% from the January number ($180,000 vs. $162,500), but was down 16% from the year over year median in February 2009 ($180,000 vs. $215,500).
Expect to see these numbers fluctuating quite a bit, with year over year median prices remaining lower. But, the gap could get closer as we head thru the rest of 2010.
Homes Currently on the Market
The number of homes for sale in Big Bear dropped slightly, only 1% from the January number (617 vs. 624), which may suggest we will be seeing an increase inventory over the next few months. that is not a definite as last year inventory remained flat around the 900 mark for 6 months or so.
Year over year, the number of homes for sale in Big Bear is down 31% from February 2009 (617 vs. 889).
So, in short, more sales, less homes for sale to choose from.
My advice from last month still remains –
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 February 2010
|Month and Year||# Homes For Sale||Median Asking Price||# Homes Sold||Median Sales Price|
Year to date, sales are up 8% from 2009, but the median and average prices are each down 22% and 16% respectively. Prices today are still very comparable to what we were seeing in 2003/2004.
Year To Date Comparison (1/1- 2/28)
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to 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.