A recent article by the L.A. Times says the median price of homes in the Big Bear area dropped between 15-25% in February of 2008 as compared to February 2007. Area Number of Sales Median Price Drop in Price from 2/07 Median Price Home Per Sqft. Big Bear Lake 92315 17 $333,000 -24% $243 Big Bear City 92314 11 $235,000 -14.6% $221 Sugarloaf 92386 6 $164,000 -21.9% $146 Fawnskin 92333 n/a n/a n/a n/a It is interesting to compare this with the median home prices for Big Bear that I posted on earlier this … [Read more...]
Big Bear Residential Market Activity 3/10/2008 to 3/16/2008
March 18, 2008 by 1 Comment
Below is a market update for residential properties in the Big Bear Valley for the week prior. Given that residential properties are the majority of sales in Big Bear, I will focus on this type of property. If you are interested in the stats for vacant land, commercial, or condos, please let me know. This information will be updated on a weekly and monthly basis. Be sure to check back or sign up for my email newsletter to be kept informed on the real estate market conditions in Big Bear. Big Bear Lake … [Read more...]
Big Bear Real Estate Monday Market Update For 3/17/2008
March 17, 2008 by 1 Comment
Below is the update for the Big Bear real estate market as of 3/17/2008. The residential properties listed for sale in Big Bear are up 17 from 1064 homes for sale to 1081. The number of homes in escrow is down 7 from last week to 92 while home sales year to date are now at 82 Big Bear homes sold since the beginning of the year, up 13 from last week. Vacant land listings in Big Bear were up 14 to 339 now for sale in the Big Bear Valley. The number of pending sales is down 3 from last week for a total of 25 escrows … [Read more...]
Absoprtion Rates For Big Bear Real Estate – March 2008
March 16, 2008 by Leave a Comment
The absorption rate provides a clear picture of what is happening in the real estate market and is good to share with buyers and sellers. I determine the absorption rate for Big Bear by taking the previous month's sales in a particular price range or area (you can use others like bedrooms, square footage and such), and divide that into the total number of available properties in that same criteria set. This will give you the amount of months it will take for the market to absorb the properties for sale, assuming … [Read more...]
New FHA, Freddie Mac, & Fannie Mae Loan Limits – Revisited
March 15, 2008 by 1 Comment
I posted earlier this week on the new, higher conforming loan limits for Freddie Mac & Fannie Mae as well as FHA loan limits for the Big Bear, San Bernardino area. After a few more days of consideration, I think it is safe to say that these new limits will have no immediate benefit to the real estate sales in our area. I come to this conclusion based on couple key factors: Most of the homes in Big Bear are second homes. Given that approximately 70% of the homes in Big Bear are second/vacations homes for … [Read more...]
Castle Glen Sales Hitting High Numbers Early in 2008
March 15, 2008 by 1 Comment
While there are not many homes sales in the Castle Glen area to report on so far in 2008, the two that have sold are record highs for this Big Bear area. The two closed sales were both sold for $1,900,000. The previous record high was $1,775,000 back in August 2005. Also, there is currently one home for sale in the area with an original listing price of $1,799,000, scheduled to close escrow in mid-April. 383 Starlight Circle Listing Price - $2,494,876 Selling Price - $1,900,000 Sale Date - … [Read more...]
New Loan Limits From FHA, Freddie Mac & Fannie Mae – What Does This Mean For Big Bear?
March 10, 2008 by 1 Comment
I received the email below from the California Assocation of Realtors this past Friday and thought I would pass it along. UPDATE! Government Announces Conforming Loan Limit Increases The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, … [Read more...]
Big Bear Real Estate Monday Market Update For 3/10/2008
March 10, 2008 by 1 Comment
Below is the update for the Big Bear real estate market as of 3/10/2008. The residential properties listed for sale in Big Bear are up 16 from 1048 homes for sale to 1064. The number of homes in escrow are down 6 from last week to 99 while home sales year to date are now at 69 Big Bear homes sold since the beginning of the year, up 11 from last week. Vacant land listings in Big Bear were up 4 to 325 vacant parcels now for sale in the Big Bear Valley. There were 2 additional pending sales for vacant land in … [Read more...]
Big Bear Home Prices – Are They Going Up Or Down?
March 9, 2008 by 1 Comment
There are a few different ways to answer this question. Looking at the average sales price or the median sales price are a couple of the most popular ways to do so. One way that I thought would be interesting is to look at direct comparison of some Big Bear properties that have sold the past few years. I pulled data on some properties that sold within the past few years and have subsequently resold, and then compared the sales price data. It is interesting to see how the home prices have fared in Big Bear the … [Read more...]
Would You Buy This Big Bear Home?
March 8, 2008 by Leave a Comment
The listing price is $244,950, 2 bed, 1 bath, 1,020 square feet with a detached garage. This photo was pulled from our Big Bear MLS this morning. It has been on the market 36 days with this same photo. Given that close to 80% of all home buyers are now going online to start their search, the fact that first impressions and curb appeal are huge, and the reality that there are many properties/options on the market for sale, does this photo make you want to buy this home? I would think most buyers are going to pass … [Read more...]
