Big Bear Real EstateFor BuyersFor Realty ProfessionalsFor SellersGeneral InformationMarketing Reports April 15, 2022

March 2022 Big Bear Real Estate Stats/Redfin prediction

As another season at the slopes comes to a close, the Big Bear Real Estate market isn’t showing any signs of slowing down yet.  Most areas are still selling above asking price on average, with days on market (DOM) in the 30-45 day range (very short given an average escrow length of about 30 days)!  As of this morning, we are at 125 single family residences in the Big Bear MLS, which is still only about 1-month’s supply, but trending in the right direction (although still less than half of where we should be at this time of year).  All of the analysts that I have read from expect prices to continue to climb over the next year, but at a single-digit rate (3-5%), rather than the double digits that we have seen over the past two years.  Still, as interest rates continue to rise, monthly payments will go up significantly for any buyers getting a loan/mortgage.  Here’s a recent quote from the analysts at Redfin: “Mortgage rates are shooting up at the fastest pace in history, sending the typical monthly mortgage payment for a homebuyer up more than $500 since the beginning of this year…As rates quickly approach 5%, we expect their impact on homebuyer demand to change from a motivator—driving a sense of urgency to buy before rates rise further—to a deterrent.”
Area #Sales Avg. Sale Avg.$/sqft SP/LP DOM
BBC 35   $585,449  $401.68 106.5%  31
BBL-general 18   $761,200  $555.56 106.0%  35
BBL-lakefront  3 $1,403,333  $670.50  98.3%  47
FAWN-general  4   $880,600  $327.05  98.7% 106
FAWN-lakefront  0      NA     NA   NA  NA
FOX 12   $912,113  $448.25 103.2%  37
MOON 27   $812,833  $532.72 105.0%  37
SUGA 17   $373,603  $436.03 103.1%  45