We hope everyone had a fun, relaxing labor day weekend! Below are the monthly lists of “sold” and “pending” Big Bear properties for the month of August. With savvy buyers rushing to lock in historically low, but rising interest rates, we saw a record number of closings last month, with 161 properties sold and another 244 in escrow!!
Here are links to Trulia’s most recent market trend data for Big Bear Lake and Big Bear City (keep in mind that Moonridge is about half in the Big Bear Lake zip code and half in the Big Bear City zip code). As you can see, median sales prices continue to be higher than the same time last year and the most dramatic increases are in average $/sqft (a stat that I like much better than median sales price due to our wide range of prices), with an increase of 28.6% in Big Bear Lake and 15.1% in Big Bear City! Even with these increases, compared to 5 years ago, the median sales price is still about 19.5% lower in Big Bear Lake and 29% lower in Big Bear City than it was back in 2008; so there are still a few great deals out there to be had!
Regarding the Real Estate Market’s Cointinuing Recovery, Trulia’s Chief Economist, Jeff Kolko, states:
“But the recovery is not only moving ahead; it entered its third phase this spring:
- The first phase of the recovery began in 2009, when the housing market ended its free fall and both sales and construction started their long, slow climb back from the bottom.
- The second phase began in early 2012, when home prices bottomed and started their steep rebound.
- We are now in phase three, which began in spring 2013, after inventory bottomed in January and mortgage rates started to rise in May. Both are making their climb after reaching historic lows, while price gains are slowing down. Existing-home sales have returned to near-normal levels, as have prices, which now look just 5% undervalued.
The fourth phase – which will begin when young adults finally start moving out of their parents’ homes, boosting household formation – is yet to come. Until this happens, construction and new home sales will remain well below normal – even though prices and existing-home sales are now very close to their normal, sustainable levels.”
Have a great week!