Big Bear Real Estate Market Update
The Big Bear real estate market is still moving along in a catfish-like manner. It goes up, down & side to side with no clear direction of travel. One thing’s for sure, every month is different right now. Sales were up 14% in October compared to the same month last year but prices were down 9% and 14% for the median and average sales prices respectively.
Below is a real estate market update for Big Bear thru October 31, 2011.
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to Sales Price|
Here are few things that stood out to me.
1. The list price to sales price ratio is still holding pretty strong at 95%. Keep in mind, this does not take into account the original listing price, just the listing price when the property sold. It is important for buyers to understand that you are not going to be able to offer 10-15% below the asking price and expect to get the property – this number says it is not realistic. From a seller’s standpoint, there’s no need to overprice your property to leave room for negotiation. All you need is about 5%. Most sellers go over by 10-20% and then never see showings or offers.
2. Compare 2007 v. 2011 – sales are pretty much the same but prices are about 40-50% less now, 2% less on the list price to sale price, along with another 38 days on the market (carrying costs). It all adds up to less money in the seller’s pocket these days.
3. Prices are still dropping while sales are about even. The median and average sales prices are down 15% and 10% compared to 2010 for year to date sales. Sales are down just 3% from 2010.
What stands out to you? Where do you see this market is heading?