Home sales in Big Bear hit their highest mark of the year with 82 homes sold in the month of September. This surpasses the previous monthly high of 2008 which was 67 homes sold in the month of May. This is also 22 (27%) more than Aug. 2008 and the previous Sept. 2007. The median price for Sept. home sales was $224,500, down 21% from Aug. 2008 and down 17% from Sept. 2007. The median price has been all over the board the past 5 months, ranging between $205,000 to $290,000. With such a limited amount of sales, I … [Read more...]
Real Estate Reports Should Be Like the Weather Reports….Local.
October 12, 2008 by Leave a Comment
If you turn on any national news channel in the morning before work you will always see the weather forecast for the day. And sure enough, when they go to the "your neck of the woods" weather report, you will see your local weather news person give a quick 15-20 second local weather report. Seems to be just the way it is with weather reports. But then, the next segment that comes on talks about the national real estate market.....is there such a thing? No local reports as with the weather, just one report that … [Read more...]
Big Bear Home Sales 2008 – 2nd & 3rd Quarters
October 9, 2008 by 2 Comments
Below are the details on home sales in Big Bear for the 2nd and 3rd quarters of 2008. See the 1st quarter home sales here. Why am I posting the 2nd and 3rd quarters together? Because I was lazy (or busy) in July and did not post the 2nd qrt. numbers then :). 2008 - 2nd Quarter #s Year Q2 # of Home Sales Median Sales Price Days on the Market List Price to Sales Price … [Read more...]
Absorption Rates For The Big Bear Real Estate Market – September 2008
October 5, 2008 by Leave a Comment
If you are thinking of buying or selling a home in Big Bear, you may want to take a look at the absorption rate of homes that are currently for sale. This is a good way to become more informed on the current real estate market conditions in a particular area. There is an easy to understand article here describing what the absorption rate is and what it means for the real estate market. In simplistic terms, it is a mathematical equation that tells the amount of time it will take for a specified set amount of … [Read more...]
Buying An REO or Bank Owned Property? Make Sure You Read The Fine Print.
June 24, 2008 by 2 Comments
Given the current real estate climate, bank owned or REO (real estate owned by banks) properties have become highly sought after by today's buyers. Whether or not they ultimately end up purchasing one, most buyers are starting off with this thought in mind. Naturally, these buyers are looking for a deal and most bank owned properties fit this category perfectly. It is not uncommon to see Big Bear REO properties selling from 75 to 90 cents on the dollar as compared to similar homes on the market. While buying a … [Read more...]
Big Bear 2008 First Quarter Home Sales
May 11, 2008 by 1 Comment
This may be a little late but it is still informative to look at and compare the first quarter home sales for 2008 with that of the previous 5 years. It is pretty well known that home sales in Big Bear have slowed down tremendously. First quarter sales were off 48% from the first quarter of 2007 (and 2007 was the slowest year for the number of sales that we have seen in over 20 years) and 69% less than the first quarter of 2004, the best first quarter in the past 6 years. Year Q1 # of Home Sales Median Sales … [Read more...]
Absorption Rates For The Big Bear Real Estate Market – April 2008
April 28, 2008 by Leave a Comment
The time it will take to sell a house in Big Bear dropped by 10 months in April 2008. With the pick up in home sales that we saw in March, the absorption rate for the Big Bear real estate market dropped from 32.72 months to sell to 22.80 months to sell. This is encouraging news for home sellers though the market is still very heavily favored toward buyers. The market will need to get closer to a 1-3 month absorption rate in order to get back to a sellers market. Now that we are heading into the spring and … [Read more...]
Big Bear Home Sales On Par With Other Second Home Markets in U.S.
April 9, 2008 by 1 Comment
The National Association of Realtors recently released a report on second home sales that was reported on by The Dallas Morning News. The article states that second home sales nationwide dropped by more than 30% in 2007 when compared to 2006. This is pretty consistent with what we saw in the Big Bear real estate market in 2007. There were 1172 residential sales in 2006 as compared to 796 sales in 2007, a difference of 34%. I noticed a few important points to take from the article as it relates to the Big Bear … [Read more...]
Big Bear Residential Market Activity 3/31/2008 to 4/6/2008
April 8, 2008 by Leave a Comment
Below is a market update for residential properties in the Big Bear Valley during the week of March 31 to April 6. New listings and pending sales were up from the previous week while closed sales were down. The majority of closed sales continue to occur in the Big Bear Lake areas of Boulder Bay, Gilner Point, Ironwood Estates, Eagle Point, Fox Farm and Moonridge. The areas of Big Bear City, Erwin Lake, Baldwin Lake, Lake Williams and Sugarloaf are still seeing very few sales. Average days on the market for … [Read more...]
