November 2017 Big Bear Real Estate Stats/Resorts Open this Weekend!!

Here are last month’s statistics for the Big Bear Real Estate market. The inventory has continued to drop and, as of this morning, there are only 309 Single Family Residences left on the market!  This is lower than we typically see even at the lowest point of the year (in Spring).  At this rate, I wouldn’t be surprised if it drops to double digits by the end of the season!  In addition, this year there is the possibility of the new tax reform plan and there are people buying in an attempt to get grandfathered in with higher interest deductions, as well as concerns about higher mortgage interest rates.  Below is an excerpt from an email that we received recently from one of our national lenders:
“You have likely heard that the current administration may be reforming the tax code. Reforms to the tax code will impact many aspects of our economy. It is unknown what the final plan will include or the exact impacts it will have, but one very likely consequence of the plan, as proposed today, will be increasing interest rates on Treasury Bonds caused by shifting economic conditions, and rebalancing of cash positions held in Treasuries in the global economy.

If interest rates on Treasury Bonds increase, then mortgage interest rates in the U.S. will also increase since mortgage rates are directly impacted by rates of U.S. Treasuries.”

Area#SalesAvg. SaleAvg. $/sqftSP/LPDOM
BBC36  $255,674$202.2298.68%106
BBL25  $434,444$252.0298.21%158
BBL-Lakefront 1$1,020,000$448.5592.74%187
FAWN 3  $224,667$258.0698.03%359
FAWN-Lakefront 0N/AN/AN/AN/A
FOX15  $492,200$258.0497.50%147
MOON33  $310,263$251.6498.91% 84
SUGA23  $196,235$199.7597.63% 98
Finally, the local resorts have been blowing snow all week and both Bear Mountain and Snow Summit are scheduled to open this Friday!

Annual New Year’s Eve Torchlight Parade at Snow Summit

The Annual Torchlight Parade at Snow Summit happens on New Year’s Eve at 8pm.  Make sure to get there early to see the beautiful line of torch-wielding skiers and snowboarders winding their way down Miracle Mile, as they light up the mountain!

October 2017 Big Bear Real Estate Stats/CA Market Forecast

Hi folks!
As we are almost up to the beginning of the Holiday Season, we are down to only 342 Single-family residences left on the market in the Big Bear MLS.  As we have discussed in the past, the inventory normally starts to drop after summer, but when combined with the finalization of the Aspen acquisition of our local resorts this year, it has plummeted this year to levels we normally only see at the end of the winter season in Feb. or March!  Below are the stats for last month.  I’m considering starting to combine BBL-general and BBL-lakeview because so many agents are listing properties as “lakeview” even if they are 2 miles from the Lake, with only a peek-a-boo view, that it can make the stats misleading for that category.
Area#SalesAvg. SaleAvg. $/sqftSP/LPDOM
BBC43$229,946$203.6797.98%119
BBL-general18$381,378$258.6797.70%107
BBL-lakeview12$520,708$228.3798.11%168
BBL-Lakefront 4$1,670,000$451.0387.92%451
FAWN 4 $298,850$174.7794.90%270
FAWN-Lakefront 2 $974,950$585.18100.0%278
FOX12 $590,208$250.48 97.92%133
MOON30 $353,317$235.91 98.08% 86
Here’s a link from the San Diego Association of Realtors (which we also belong to, in order to give more exposure to our listings).  According to the article:
“With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, C.A.R. said. However, C.A.R. said a shortage of available homes for sale and affordability constraints will continue to be a challenge.
The California median home price is forecast to increase 4.2 percent to $561,000 in 2018, following a projected 7.2 percent increase in 2017 to $538,500.
“This year’s housing market can be told as a tale of two markets, the inventory constrained lower end and the upper end that’s non-inventory constrained,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “This trend is likely to continue into 2018 as active listings have declined across all price ranges for the past two years, but is most obvious at the lower end.years, but is most obvious at the lower end.”
Have a great weekend and a fantastic Thanksgiving Holiday!!

September 2017 Big Bear Real Estate Stats

It’s been a little while because we were gone last month on a cross-country trip to visit family, but here are the most recent statistics for Big Bear real estate single family sales.  Since the acquisition of our local resorts by Aspen was finalized in early August, our inventory has dropped over 35%!  There are only 392 single family residences left on the market and with 161 sold last month and another 220 in escrow, there are less than 2 1/2 months of inventory left on the market!
Area#SalesAvg.SaleAvg. $/sqftSP/LPDOM
BBC  34  $282,262$208.2097.94%101
BBL-general  17  $379,953$243.6097.78% 99
BBL-lakeview   7  $552,493$286.8398.49%113
BBL-Lakefront   2$2,150,000$507.6194.90%106
FAWN   5  $395,200$253.6895.35%162
FOX   8  $547,938$248.0697.13%114
MOON  43  $374,988$259.8098.06%113
SUGA  27  $183,239$187.4697.85%  81

 

Finally, here’s this week’s edition of “What’s Up at 7000ft”.  This week’s highlights include the ongoing 47th Annual Big Bear Lake Oktoberfest, Flashlight Safari At The Big Bear Zoo, “The Baby’s”: LIVE At The Cave, Big Bear Yoga Fest, and Haunted Bear Valley Farms.
Have a great weekend!

July 2017 Big Bear Real Estate Stats/Aspen Acquisition Finalized!!

Hi folks!

Here are the monthly stats for Big Bear real estate for the month of July. Sales prices continue to rise and are expected to do so even more, especially with the recent purchase of our local resorts by Aspen/KSL.  Below is a link to an interesting graph from Trulia, which shows that, in Big Bear Lake (92315), the median sales price is now up approximately 60-65% from the bottom of the market in 2011. If you click on “All Properties”and “Max Years”, it will give you a graph all the way back to 2000, which shows the build-up of prices to the past peak in 2006/2007, as well as the drop to the bottom in 2011/2012.  As always, you need to look at the trend line, rather than individual months/quarters because median sales prices can fluctuate considerably from month to month, especially in 92315, where you have cabins under $200K, all the way up to $4M, so the trend is much more accurate than any individual month or quarter.   Also, this time of year is usually the peak inventory (as all summer listings are on the market and people haven’t taken any off for the fall/winter yet), so this time of year always has the most choices for the buyer.  Two years ago the inventory got up around 700 single-family residences, last year it got up to around 620, and this year it’s at only 510 and appears to be starting to go down already (mostly because of increased market activity, it seems).
Area
#Sales
Avg. Sale
Avg/ $/sqft
SP/LP
DOM
BBC
  36
  $264,122
$190.07
 97.61%
127
BBL-general
  16
  $346,718 $245.17
 99.65%
 96
BBL-lakeview
   3
  $572,967
$314.17
100.75%
 57
BBL-lakefront
   1
$1,530,000
$571.32 95.69%
 56
FAWN
   4
  $218,750
$228.44 96.26%
150
FOX
   6
  $461,583
$226.67  96.86%
 88
MOON
 23
 $314,839$253.76
 97.23%
 79
SUGA
 22
 $217,273
$190.56
 99.01%
 64
Finally, here are links to two recent events/projects which have been and are expected to continue to drive price increases in Big Bear Lake, especially in the Moonridge area.  The purchase by Aspen is especially exciting.  Given the price increases since the Mammoth purchase was announced 3 years ago and the infrastructure improvements that were completed by Mammoth (as well as the increased visitors – very important for vacation rentals and local businesses), it will be exciting to see how the influx of capital from Aspen/KSL continues to drive these increases.  At the town hall meeting that was held in April, the Mammoth CEO stated that the influx from Aspen is expected to increase the speed of their planned improvements, which should only lead to increased demand and visitors!!  The new hiking and biking trail project also includes plan to make the Moonridge Corridor more of a “Second Village” area, with turnabouts, bike lanes, and a divider to make the area more pedestrian- and business-friendly.  As anyone who has been to the Village on a weekend during the ski/snowboard season over the last couple of years will understand, this should help to “spread the visitors out” a bit during our busiest times of the year.
Have a great week!

June 2017 Big Bear Real Estate Stats/What’s Up this Weekend

As summer kicks into full gear, we are currently at 538 Single family residences on the market.  Last month, there were a total of 147 sold properties and another 207 in escrow (Pending/Back-up).  As prices continue to rise closer to the Lake and slopes, the more distant areas are increasing even more, with Big Bear City averaging more than $200/sqft and even Sugarloaf at almost $200/sqft!!  As usual, the larger the home, the lower the $/sqft (land value comes less into play), so that explains why the average $/sqft for BBL-lakeview and Fox Farm appear lower, even though the average sale prices increased significantly in those categories.
Area#SalesAvg. SaleAvg. $/sqftSP/LPDOM
BBC34  $255,928$208.17 98.93% 90
BBL-general18  $383,861$245.30 97.43%119
BBL-lakeview 7  $577,224$241.35 94.71%106
BBL-Lakefront 1$1,350,000$469.73100.00% 10
FAWN 2  $183,000$267.52 96.52%  9
FOX 5  $735,980$215.42 95.47%130
MOON25  $359,896$253.38 96.96% 99
SUGA12  $169,200$196.64 99.16% 74
Finally, here’s a link to this week’s edition of “What’s Up at 7000ft”.  This week’s highlights include the Crafts & Cranks Brewfest at Snow Summit, Colin Hay of “Men at Work” at the Cave, and the Spirits Of The West
Brewfest at the Big Bear Convention Center.

May 2017 Big Bear Real Estate Stats/New MLS auto-emails

Here are last month’s Big Bear Real Estate statistics.  Sales continued strong for the last full month of Spring and the average $/sqft remained elevated in Big Bear Lake and Moonridge following the Aspen and Rathbun Creek/Moonridge Redevelopment project announcements.
Area#SalesAvg. SaleAvg.$/sqftSP/LPDOM
BBC30$235,298$193.3399.5% 87
BBL-general17$378,322$251.8495.0%115
BBL-lakeview 1$314,400$291.6595.3% 38
BBL-Lakefront 0N/AN/AN/AN/A
FAWN 2$226,575$186.1897.9% 74
FOX 9$439,600$206.4797.9% 87
MOON29$350,148$245.4697.5%125
SUGA21$171,369$173.7097.8% 99
As most of you know, the Big Bear Board of Realtors changed MLS providers in January and we’re still going through some growing pains.  Some auto-emails were disabled recently because they exceeded 250 search results.  I called the Board office and they agreed to increase the max. to 500, so we hopefully won’t have the problem again, unless someone’s search is overly-broad.  Still, the searches that had to be manually re-enabled need to have the “Welcome Email” opened again by the client; so if you have stopped receiving the automatic listing emails, please let us know and we will either send the “Welcome Email” out to you again or set up a new search.
Have a great week!

April 2017 “Sold” and “Pending/Back-up” Properties Lists/Happy Mother’s Day!!

Hi folks!
After receiving our annual “Mother’s Day snow” this past Sunday (the early May/late season snow that we receive almost every year), the weather is warming back up to match the housing market.  Late April was unseasonably warm (both the weather and the market).  Part of this appears to be caused by the increasing pace of the housing market, but some it can also be attributed to the mid-April announcement that our local resorts (and Mammoth) are being purchased by Aspen, which has created a lot of buzz about future appreciation and improvements.  Over-all, there were over 300 properties sold or in escrow for the month of April!!

Here’s a link to the Mother’s Day Weekend edition of What’s Up at 7000ft.  This weekend’s highlights include several Mother’s Day Brunches, Baldwin Lake Ecological Reserve Guided Wildflower Walks, and “Queen Nation: A Tribute to Queen” at The Cave.  For next week, don’t forget the May 19th Time trial for Amgen’s Tour of California Bike Race.

Have a great weekend and a fantastic Mother’s Day!!

March 2017 Big Bear Real Estate Stats/Aspen Acquisition!!

Hi folks!
Here are last month’s single family residence statistics for the Big Bear area.  As usual for the last month of winter, the emphasis was closer to the slopes and the $/sqft in Moonridge jumped to almost $260/sqft! There were 4 shallow-water lakefronts that sold (great news, since that particular sub-category hasn’t moved much until the Lake went up 5-6ft this winter); but that is why the BBL-lakefront category was a little lower than usual and Fawnskin was higher than usual.
Area#SalesAvg. SaleAvg. $/sqftSP/LPDOM
BBC34$254,854$189.3698.0%121
BBL-general15$292,467$223.5896.5%130
BBL-lakeview 2$774,950$247.5597.5%227
BBL-lakefront 3$686,667$388.2294.5%261
FAWN 2$342,500$290.6793.0% 45
FOX10$557,700$207.4394.5%162
MOON16$358,081$257.0998.5%130
SUGA15$201,960$171.7397.2% 99
As you probably heard, Aspen/KSL opened escrow to buy Mammoth Resorts last week, which means our local resorts are going to be part of the Aspen family!  This is HUGE news for anyone invested in or thinking about investing in Big Bear real estate.  The growth over the last two years since Mammoth bought our local resorts has been impressive, but this could be game-changing! I attended the town hall meeting at Bear Mountain last night and they are expecting the escrow to take about 4 months.  In the meantime, they are planning on continuing expansion and increasing summer activities, including the new zipline, which they are expecting to open Memorial Day weekend. As noted by Rusty Gregory, chairman and CEO of Mammoth Resorts, in the article below “We already had an aggressive capital improvement plan [for the two San Bernardino resorts, and] as the newly formed organization is fine-tuned, that investment plan could accelerate”.

Bear Mountain, Snow Summit ski resorts purchased by joint venture in a 4-resort deal

Have a fantastic weekend!!

March 2017 Big Bear “Sold” and “Pending” Properties/HGTV Link

Hi folks!
Here are last month’s lists of “sold” and “pending/back-up” properties.  Sales in the first month of Spring continued to be very strong and were especially high, given the historically low inventory.   In total, there were over 300 properties either sold or in escrow!
If you didn’t have a chance to watch our latest episode of HGTV’s “Log Cabin Living”, here’s a link where it can be viewed on Youtube for only $1.99.  The crew did a fantastic job of showcasing the cabins, as well as our beautiful town and Village!
Have a great weekend!