That is anybody’s guess but there is some encourgaing news coming out for the real estate market in Big Bear.
The number of homes under contract has nearly doubled while available inventory is down about 25%.
Most people are concerned with the number of closed sales every month and what direction prices are heading, but the basics of supply and demand always come first. Based on the most recent numbers, there are some reasons to be optimistic about the Big Bear real estate market.
Pending Home Sales –
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The number of pending Big Bear homes sales is up 82% from March of 2011 – 104 pending sales compared to 57 last year. Even more encouraging, this was the highest month for pending home sales that we’ve seen the past 12 months. It is even higher than the July thru October numbers we saw, which are supposed to be the busiest months of the year. So, there are a lot of buyers out there right now.
Available Inventory For Sale –
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The months supply of inventory has dropped 58% – from 13.4 months supply down to 5.7 months. This is due to a combination of more homes selling and less homes on the market for sale (see below).
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The number of homes on the market for sale is down 23% – 590 now vs. 764 last year this time.
All of this adds even more to the window of opportunity for Big Bear home sellers that I talked about several months back.
There’s still a lot of questions out there, like what is going to happen with all the distressed properties that hang in the shadows. But as of right now, there are plenty of buyers looking, and a lot less homes to look at. Stay tuned!
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