Here are last month’s Big Bear real estate statistics for single-family homes. The average sales price was up again from the previous month in every single area that we track. Average $/sqft was also up in almost all of those areas. Surprisingly, even Sugarloaf duplicated a relatively high $/sqft of almost $150/sqft!!
|Area||#Sales||Avg. Sale||Avg. $/sqft||SP/LP||DOM|
We attended a Real Estate conference last week and the C.A.R. (CA Association of Realtors) representative was forecasting a 6% rise in prices in the state this year (not as high as last year, but still outpacing inflation and FAR out-pacing any current returns in a bank account). Because the Fed is tapering off on its bond buying, they were also predicting that interest rates will be around 5-5.5% by some time this spring. This will have a much bigger impact on monthly payments because a 25% increase in rates is much more significant than a 6% increase in prices, of course. That means it’s time to lock in those low rates now!! Looking more closely at our local market, Zillow predicts 92315 home values will increase another 9.4% in the next year and 10.7% for Big Bear City as a whole.