Big Bear Real Estate December 5, 2013

November 2013 Big Bear Real Estate “Sold” and “Pending/Back-up” Properties/Market Trends

Hi folks!
Below are the lists of “Sold” and “Pending/Back-up” Big Bear Real Estate for the month of November.  It was another strong month, with a total of 116 sold and another 183 in escrow.  At this point, inventory seems to have stabilized at about a 5-6 month supply (indicative of a  healthy market).  I have also included the Trulia market trends report for August to November for both Big Bear Lake and Big Bear City.  I think these graphs are very helpful because they let you visualize the real estate cycle (this one is actually behaving pretty normally now, despite the huge peak of about 6 or 7 years ago).  As is normal, the subsequent trough is pretty much always higher than the previous trough.  This, along with the ability to finance most of the purchase and the ability to use or rent out the property while it appreciates is what makes real estate such a great long-term investment.
183 Pending/Back-up:
As you can see, median sales prices continue to rise compared to last year (2-24.6%).  The average $/sqft is also still rising quickly (up 19.1%-26.5% from last year!), which means that people are buying smaller houses for more money.  For example, a year ago, you could have bought a 2000sqft house for about $320K in Big Bear Lake.  Now, that same $320K will only buy you about 1400sqft.
Finally, here’s this weekend’s edition of “What’s Up at 7000ft”.  In addition to Mr. & Mrs. Claus in the Village and the other events listed, both of our local ski resorts (Bear Mountain and Snow Summit) will be open this weekend.  Snow Valley (the smaller resort about half-way down between here and Lake Arrowhead) is still making snow and has not yet opened.
Have a great weekend!