July 2020 Big Bear Real Estate Stats/Record Low Inventory!!

Below are the monthly Big Bear Real Estate single family residence statistics.  Historically, we should be reaching our peak inventory for the year this week (second week of August) and should be around 600 sfr’s on the market; but as of this morning we only have 168 such active listings in the Big Bear MLS!  As we discussed earlier, there are a couple reasons for this:  1. Interest rates are ridiculously low right now (less than 3% for a 30-yr loan!), 2. After the lockdowns, demand for a mountain cabin is at an all-time high, and 3. The “zillow-make-me-move” sellers that usually come out every spring just didn’t come out this year (partly because they are using their own cabins so much more this year and partly because they are making money “hand over fist” due to record high short-term rental demand – especially since millions of residents in LA, OC, San Diego, etc. just don’t have anywhere else to go right now)!!  All in all, it makes for a “perfect storm” for cabin sales!!
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 40   $321,860 $227.22 97.9%  89
BBL 33   $483,499 $273.80 99.2% 111
BBL-Lakefront  5 $1,595,000 $902.27 93.5% 484
FAWN  11   $389,332 $269.27 98.9%  88
FAWN-Lakefront  2 $1,070,000 $506.44 96.1% 312
FOX 15   $632,593 $271.14 97.9%  83
MOON 50   $448,481 $295.39 99.8%  67
SUGA 24   $216,459 $237.33 98.1%  97
Posted on September 5, 2020 at 12:20 pm
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports | Tagged , , , , ,

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