It’s time already for the monthly sales stats for August. As you can see, average sales prices are up since our last report, especially for Big Bear Lake lakeview and lakefront properties. As we’ve discussed before, the resort areas seem to have started recovering first, with the more outlying areas (Sugarloaf, Erwin Lake, Badwin Lake, etc.) lagging behind. This is supported by the stats from Trulia below the chart which show the median sales price for Big Bear Lake (92315), Big Bear City (92314), and Sugarloaf (92386). Big Bear Lake and Big Bear City have shown year-over-year price increases of 7.1% and 14.1%, respectively; whereas, Sugarloaf has seen a decrease of 9.5%. If you look at the median sales price of 5 years ago, there are still great deals to be found in all areas when compared to the peak of the market; but Big bear Lake and Big Bear City have already started going back up, while the best deals can be found on the far east ends of the valley (just keep in mind that, while those areas are fine for second homes, they are almost impossible to rent on a vacation rental basis due to their distance from the Lake and slopes).
|Area||#Sales||Avg. Sale||Avg. $/sqft||LP/SP||DOM|
Location Jun – Aug ’12 y-o-y 3 months prior 1 year prior 5 yrs prior 92315 $218,000 +7.1% $207,500 $203,500 $361,250
92314 $140,000 +14.1% $124,100 $122,750 $274,050
92386 $74,000 -9.5% $82,500 $81,750 $205,000
Finally, here’s a link to this weekend’s “What’s Up at 7000ft”. It’s an action- (and adult-beverage) packed weekend with the opening Day of the 42nd Annual Oktoberfest, the Wine Walk in the Village, and the 13th Annual Big Bear International Film Festival. Also, don’t forget that next weekend (Sept. 22nd) is the annual Hot Dawgz and Handrails Snowboarding Event at Bear Mountain, which is always the last chance to get the best deals on season passes before the new season begins!
Have a great weekend!