Below is your weekly update for the Big Bear real estate market as of 4/20/2009.
| Property Type | Listings for Sale | Change from Last Week | Pending Sales | Change from Last Week | Sales Year to Date | Change from Last Week |
|---|---|---|---|---|---|---|
| RESIDENTIAL | 888 | -3 | 133 | +4 | 193 | +11 |
| VACANT LAND | 377 | +3 | 10 | -1 | 8 | +1 |
| CONDOS | 42 | -6 | 5 | +3 | 6 | 0 |
| GOVERNMENT LEASE | 13 | -1 | 0 | 0 | 0 | 0 |
| COMMERCIAL & RES INVESTMENT | 65 | +4 | 5 | 0 | 4 | 0 |
| BUSINESS OPPORTUNITY | 15 | 0 | 1 | 0 | 0 | 0 |
| TOTAL | 1400 | -3 | 154 | +6 | 211 | +12 |
These are the quick stats for the week –
31 new residential listings for the week – 4 bank owned (13%), 1 short sales (3%), and 26 organic (84%).
10 new residential closed sales for the week – 7 bank owned (70%), 1 short sale (10%), and 2 organic (20%).
20 new residential pending sales for the week – 6 bank owned (30%), 5 short sales (25%), and 9 organic (45%).
Nearly 84% of what came on the market this week was organic listings (you’re typical seller) while they only made up 20% of the closed sales and 45% of the pending sales. Conversely, bank owned and short sales listings made up only 16% of the new listings but they made up 80% of what sold and 55% of what went into escrow the past week.
This means if you want to sell, you must price it like a bank owned or short sale.
I am sure if you look at the organic listings that sold or went into escrow last week you would find their prices to be aggressive.
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were 8 properties that went back to the bank, 1 higher than the week previous.
The median price for properties that went back to the bank was 35% less than the published opening bids. Someone missed out on a sweet deal in the Castle Glen area of Fox Farm. The property at 427 Eagle Lake Place went back to the bank at $495,000, 37% less than the published bid of $789,084. In my opinion, this property is at least worth $600,000 to $650,000 in today’s market and even that is a good price.
There are some good opportunities for buyers with cash to pick up a deal.
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week, 21 total, 9 less than last week.
One of these properties is located in the Meadowbrook Estates area while another is located in the Ironwood Estates neighborhood, both of which are considered among the most desirable locations in Big Bear.
The best way to buy one of these properties at a Trustee’s sale is to know about it months in advance. We can help with that if you are interested.
The majority of these may be postponed for one reason or another, so make sure to double check before showing up at the sale.
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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