It’s time for the May sales stats for single family homes already; but before that, I’d like to say a quick “Happy Father’s Day” to all the dads out there! As we mentioned before, May had another strong showing and both avg. sales prices and avg. $/sqft were up in most of the areas that we track. As always, please keep in mind that when looking at any one particular area, it’s best to look at trends rather than just one monthly number because one very large or one very small property that sells can skew the entire average, especially when you’re looking at a small area that has a relatively small number of properties that would be selling each month, such as Fawnskin.
These stats are especially pertinent because it seems these days that 9 out of 10 calls and emails we get are from people looking for second homes in the $150K or less range. There are also plenty of people looking in the more average price ranges, all the way up to multi-million-dollar lakefronts; but it seems almost everyone has $150K or so to spend on a second home and they realize that now is a great time to buy, so there is A LOT of competition for those homes. As you can see from the average sales prices in the areas below, $150K can get you a slightly below average home in Big Bear City or an above average home in Sugarloaf. These are both fine areas for second homes; but they do not tend to do well for vacation rentals because of their distance (5-10 miles) from the Lake and ski resorts. In the resort areas (Big Bear Lake and Moonridge), there are a few homes in that price range, but they are going to be much smaller, older, and in more need of repair/remodel than an average home in the same area. If you want to know what the best deals are in the different areas (the ones we would buy ourselves), just ask.
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Below is a link to this weekend’s “What’s Up at 7000ft”. There’s plenty to do for this Father’s Day Weekend, so come on up and enjoy the crystal clear skies and beautiful weather!