Below is your weekly update for the Big Bear real estate market as of 2/23/2009.
| Property Type | Listings for Sale | Change from Last Week | Pending Sales | Change from Last Week | Sales Year to Date | Change from Last Week |
|---|---|---|---|---|---|---|
| RESIDENTIAL | 908 | -1 | 115 | -6 | 86 | +16 |
| VACANT LAND | 361 | +16 | 10 | 0 | 3 | +1 |
| CONDOS | 46 | 0 | 6 | -1 | 1 | 0 |
| GOVERNMENT LEASE | 12 | 0 | 0 | 0 | 0 | 0 |
| COMMERCIAL & RES INVESTMENT | 54 | +2 | 4 | 0 | 1 | +1 |
| BUSINESS OPPORTUNITY | 11 | 0 | 0 | 0 | 0 | 0 |
| TOTAL | 1392 | +17 | 135 | -7 | 91 | +18 |
A few notes about the market –
Home sales for the year now stand at 86 closed sales. Compare that number to 53 closed sales during the same time period in 2008 and you can see that sales have picked up in Big Bear, near 62% better. The bank owned & REO properties, along with lower interest rates, are bringing the buyers off of the fence.
There were 11 homes that went into escrow the past week, 4 (36%) of which were either bank owned or short sales. Of the 17 homes that sold during the week, 11 (65%) were bank owned. The price range of sales was from $26,000 for a small cabin in Sugarloaf up to $2,700,000 (all cash – that’s CRAZY) for a brand new lakefront home in Eagle Point. Yes, Big Bear has a wide range of properties that are selling.
Of the 27 homes that hit the market this week in Big Bear, 13 (48%) were either bank owned or short sales.
It was nice to see 1 vacant lot go into escrow (it was located in the Castle Glen area of Big Bear) as very few are selling these days. With over 361 vacant lots for sale in Big Bear, and only 3 closed so far this year, it is an uphill battle.
It was also good to see 1 closing on a residential investment property (multi-unit). Up until now, there has been very little activity in the market except for single family homes and a few condos here and there.
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
Below are the new properties that went back to the bank last week. I would expect these to be coming on the market for sale in the next 7-120 days.
Below are the Big Bear properties that are set up to be auctioned for sale over the next week.
I am working on several projects to monitor the Big Bear foreclosure market.
First, a new foreclosure search that will allow buyers to see distressed properties that may be coming on the market, months before they hit the Big Bear MLS or SoCal MLS.
Secondly, charts that will track the monthly number of properties that are going back to the bank, the number going to trustee sale, and the number of loans going into default.
The latter should help us track where the market is going and what to expect, while the former is going to help those savvy Big Bear real estate buyers looking for a deal and wanting to have an edge over other buyers and even other real estate agents. Stay tuned!
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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