We hope everyone is staying safe and healthy! As expected, April was a slower month than usual for sales; but surprisingly, we still saw about half the number of closings that we did for March (Spring and Fall are usually our slower seasons up here, anyways). Even more surprising is that we currently have another 106 properties in escrow. In addition, for the properties that did close escrow last month, we saw pretty significant increases in average $/sqft! The first month or so after they closed the resorts on March 15th, we definitely saw lower activity (especially when Real estate was considered “non-essential” for the second half of March), but started picking back up again, especially after the middle of April, as people started getting more and more tired of being stuck at home and decided that a “cabin in the mountains”, would be a great place to escape the congested cities (especially with our extremely low number of cases in Big Bear). There are also a lot less homes for sale than there would normally be at this time of year. Usually, the inventory starts to expand as soon as the slopes close for the season, but right now, the Big Bear MLS is at only 366 active single-family residences, which is usually around where we are at during the depths of Winter (not almost two months since the slopes have closed)!
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Have a great week!