Big Bear Real EstateFor BuyersFor Realty ProfessionalsFor SellersGeneral InformationListingsMarketing ReportsRegional News January 6, 2015

December 2014 Big Bear “Sold” & “Pending” Properties/Trulia Market Price Increases

We hope you’re all having a great New Year so far!  Up here, we’ve made it through the busiest two holiday weeks we’ve seen in years.  There were MILLIONS of visitors over the last 18 days and it was a little difficult to show properties because pretty much every property on a rental program was booked solid; but it was great to see so many people up here!  The combination of the improving economy, the holidays being in the middle of the week, and the great snowfalls that we got both the week before Christmas and then again 2 days before New Year’s ensured that there was a steady stream of visitors to our little mountain town for the past two and a half weeks.  Although there are still lots of visitors; we’re finally slowing down to a little more normal pace and re-stocking the shelves before we get to do it all again on MLK weekend (and pretty much every weekend from now until the end of the ski/snowboard season).
Even with the holidays, December was another busy month for real estate up here with 120 properties sold and another 144 in escrow (“pending” or “back-up only” statuses).  As of this morning, the single-family residence inventory in our MLS is down to 456 properties (just about a 4.5-month supply).
In Escrow (Pending/Back-up):
Looking at the current data from Trulia, the median sales price for homes in 92315 (Big Bear Lake) for Oct. 14 to Dec. 14 increased by 17% compared to the prior year. At the same time, the average $/sqft (which shows a smoother curve) increased by 6.0% year-over-year.  For both median sales price and $/sqft we are basically back to where we were in the first quarter of 2005.  As you can see by looking at both graphs below, in an appreciating market, the lowest prices (both median sales price and $/sqft) are usually at the beginning of each year, so there is no time like the present, if you’re thinking of buying!
Big Bear Lake, 92315 median sales prices
Big Bear Lake, 92315 average price per square foot