Below is your weekly update for the Big Bear real estate market as of 5/18/2009.
| Property Type | Listings for Sale | Change from Last Week | Pending Sales | Change from Last Week | Sales Year to Date | Change from Last Week |
|---|---|---|---|---|---|---|
| RESIDENTIAL | 904 | +6 | 156 | +11 | 252 | +11 |
| VACANT LAND | 375 | +1 | 12 | +2 | 12 | +1 |
| CONDOS | 57 | 0 | 6 | 0 | 7 | 0 |
| GOVERNMENT LEASE | 14 | +1 | 1 | 0 | 0 | 0 |
| COMMERCIAL & RES INVESTMENT | 62 | -3 | 2 | -1 | 8 | +1 |
| BUSINESS OPPORTUNITY | 14 | 0 | 1 | 0 | 0 | 0 |
| TOTAL | 1426 | +5 | 178 | +12 | 279 | +13 |
These are the quick stats for the week –
36 new residential listings for the week – 5 bank owned (14%), 1 short sales (3%), and 30 organic (83%).
28 new residential pending sales for the week – 11 bank owned (39%), 10 short sales (36%), and 7 organic (25%).
13 new residential closed sales for the week – 5 bank owned (38%), 0 short sales (0%), and 8 organic (62%).
Bank owned and short sales dominated the pending sales this week, making up 75% of what went into escrow. These are the type of properties today’s buyers are going for.
If I may use a fishing analogy, the fish (buyers) are biting on the bank owned & short sale bait! The good part for most sellers is that there is a very limited amount of this kind of bait as bank owned and short sales make up only 17% of the total inventory. So, if you are looking to catch these fish (buyers for your house), but you do not have the bait (you’re not a bank owned or short sale seller), you’d better make sure your bait looks and smells very similar.
How do you that? Price it like they do. If you cannot, you better break out the explosives and nets!
See last week’s Big Bear real estate market numbers.
Big Bear Foreclosure Update For The Week
There were 9 properties that went back to the bank last week, 5 more that the week previous.
The median price for properties that went back to the bank was 40% less the published opening bids! That’s a big discount. While I realized there is some risk with buying a property at one of these trustee’s sales, there is also a big opportunity to get a great deal as well. Just in the past month, I have seen 3-4 properties go back to the bank at these trustee sales for 25% less than what they are worth in today’s market.
If you are looking for instant equity, trustee sales might be the place to look.
Below are the Big Bear properties that are set up to be sold by trustee’s sale in the next week. There are 21 total, 5 less than last week.
As with last week, several of these properties are in nicer, upscale areas. 40636 Ironwood, 1247 Balsam, 43459 Sheephorn, 149 Stony Creek, and 42530 Gold Rush are just a few prime properties set up for Trustee sale this week. Some of these may be postpones for one reason or another, so make sure to call first before showing up at the court house steps.
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.
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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