The absorption rate provides a clear picture of what is happening in the real estate market and is good to share with buyers and sellers. I determine the absorption rate for Big Bear by taking the previous month's sales in a particular price range or area (you can use others like bedrooms, square footage and such), and divide that into the total number of available properties in that same criteria set. This will give you the amount of months it will take for the market to absorb the properties for sale, assuming … [Read more...]
New FHA, Freddie Mac, & Fannie Mae Loan Limits – Revisited
March 15, 2008 by 1 Comment
I posted earlier this week on the new, higher conforming loan limits for Freddie Mac & Fannie Mae as well as FHA loan limits for the Big Bear, San Bernardino area. After a few more days of consideration, I think it is safe to say that these new limits will have no immediate benefit to the real estate sales in our area. I come to this conclusion based on couple key factors: Most of the homes in Big Bear are second homes. Given that approximately 70% of the homes in Big Bear are second/vacations homes for … [Read more...]
Castle Glen Sales Hitting High Numbers Early in 2008
March 15, 2008 by 1 Comment
While there are not many homes sales in the Castle Glen area to report on so far in 2008, the two that have sold are record highs for this Big Bear area. The two closed sales were both sold for $1,900,000. The previous record high was $1,775,000 back in August 2005. Also, there is currently one home for sale in the area with an original listing price of $1,799,000, scheduled to close escrow in mid-April. 383 Starlight Circle Listing Price - $2,494,876 Selling Price - $1,900,000 Sale Date - … [Read more...]
New Loan Limits From FHA, Freddie Mac & Fannie Mae – What Does This Mean For Big Bear?
March 10, 2008 by 1 Comment
I received the email below from the California Assocation of Realtors this past Friday and thought I would pass it along. UPDATE! Government Announces Conforming Loan Limit Increases The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, … [Read more...]
Big Bear Real Estate Monday Market Update For 3/10/2008
March 10, 2008 by 1 Comment
Below is the update for the Big Bear real estate market as of 3/10/2008. The residential properties listed for sale in Big Bear are up 16 from 1048 homes for sale to 1064. The number of homes in escrow are down 6 from last week to 99 while home sales year to date are now at 69 Big Bear homes sold since the beginning of the year, up 11 from last week. Vacant land listings in Big Bear were up 4 to 325 vacant parcels now for sale in the Big Bear Valley. There were 2 additional pending sales for vacant land in … [Read more...]
Big Bear Home Prices – Are They Going Up Or Down?
March 9, 2008 by 1 Comment
There are a few different ways to answer this question. Looking at the average sales price or the median sales price are a couple of the most popular ways to do so. One way that I thought would be interesting is to look at direct comparison of some Big Bear properties that have sold the past few years. I pulled data on some properties that sold within the past few years and have subsequently resold, and then compared the sales price data. It is interesting to see how the home prices have fared in Big Bear the … [Read more...]
Would You Buy This Big Bear Home?
March 8, 2008 by Leave a Comment
The listing price is $244,950, 2 bed, 1 bath, 1,020 square feet with a detached garage. This photo was pulled from our Big Bear MLS this morning. It has been on the market 36 days with this same photo. Given that close to 80% of all home buyers are now going online to start their search, the fact that first impressions and curb appeal are huge, and the reality that there are many properties/options on the market for sale, does this photo make you want to buy this home? I would think most buyers are going to pass … [Read more...]
Big Bear Real Estate Monday Market Update For 3/3/2008
March 3, 2008 by 3 Comments
Below is the update for the Big Bear real estate market as of 3/3/2008. The residential properties listed for sale in Big Bear are down 8 from 1056 homes for sale to 1048. The number of homes in escrow are up by 5 from last week to 105 while sales year to date are now at 58 Big Bear homes sold since the beginning of the year. Vacant land listings in Big Bear remained nearly the same with only one less this week. The number now stands at 321 vacant land listings on the market for sale. There were 3 additional … [Read more...]
Big Bear Home Sales For February 2008
March 2, 2008 by 2 Comments
The real estate market in Big Bear continues to move along at a very slow place. Even with the extra day this February, home sales in Big Bear last month totaled only 28 31 (some late entries), one two more less than the number sold in January. The median price for properties listed for sale was up 1% from $339,900 to $345,000, while the median sales price for the homes sold in February was down 13 10% from the previous month, $250,000 $260,000 as compared to $287,500 in January. This is still the lowest monthly … [Read more...]
Big Bear Real Estate – Monday Market Update For 2/25/2008
February 25, 2008 by 1 Comment
Below is the update for the Big Bear real estate market as of 2/25/2008. The residential properties listed for sale in Big Bear went up 4 from 1052 homes for sale to 1056. The number of homes in escrow is up by 9 from last week to 100 while sales year to date are now at 53 Big Bear homes sold since the beginning of the year. Vacant land listings actually went down 6 from 328 to 322 current vacant land listings on the market for sale. Pending sales for vacant land in Big Bear are up by 1 property this week from 24 … [Read more...]
