May 2018 Big Bear Real Estate Stats/Exciting Happenings around the Valley

As we rapidly approach the beginning of our summer selling season (usually right around the 4th of July), here are the Big Bear single-family residence stats for last month.  As of this morning, the Big Bear MLS residential inventory is at 474 active properties on the market.  As usual, many sellers put their houses on the market in the Spring with a 6-month listing (often just to see what they can get – I call them “zillow-make-me-move sellers”); so the inventory is always highest in the summer (meaning the most choices for buyers) and lowest at the end of winter. I also wanted to fill you in on some really exciting news from the Big Bear Visitor Bureau meeting that we attended last month.  We had several different speakers from the zoo, resorts, and MWD talking about future expansion and improvement plans.  In addition to getting an over-lay of what is going to be a beautiful new zoo by a former curator of the San Diego zoo (scheduled to open later this year), as well as plans for a fish hatchery right on Big Bear Lake, one of the most exciting announcements was about the joint BBARWA/MWD ground-water sustainability project, which will help to provide more stable lake levels, as well as keeping our groundwater levels at peak capacity.  I know this may seem like something strange to be excited about, but as any of us who live close to the Lake would know, the Lake levels can fluctuate greatly with the drought cycle, evaporation, water usage from the resorts for snow-making purposes, etc.  This is a 43M project that will involve releasing recycled water back into the ground and into the Lake (which actually has lower TDS requirements than into the ground) on the east end of Stanfield Marsh (Baker’s Pond).  This will keep Baker’s Pond always full of water and supply the Lake to a level always within 3-7.5ft of full!!  That’s huge news for anyone owning shallow-water lakefront properties (which in drought years, has meant no-water in the past).  Most owners of shallow-water lakefronts haven’t even been trying to sell the last couple of years because of the low prices they would get.  For example, there was one that sold last month that was on the market for 566 days and sold for only $263/sqft!  The new plant/project is expected to go online within 3-5 years and the water level goals are within 10 years after that, so it’s a long-term sustainability project; but should have huge long-lasting impacts on the water fowl conservation area in Baker’s Pond, conservation of protected species like the sickleback fish, and most importantly (for real estate purposes, at least) values of shallow-water lakefront properties and homes in areas like Bear Loop.
Area#SalesAvg. Sales PriceAvg. $/sqftSP/LPDOM
BBC 30$269,730$229.38 98.7% 88
BBL 21$501,979$287.02 98.5% 69
BBL-LAKEFRONT  2$872,000$335.33 95.3%332
FAWN  1$215,000$466.38 98.2%113
FAWN-LAKEFRONT  0N/AN/AN/AN/A
FOX  7$431,429$228.94 96.8% 69
MOON24$381,025$269.51 98.6% 66
SUGA13$203,781$226.24101.5% 50
Finally, here’s a link to download the Big Bear Events calendar for the Summer season.  Besides the “Fishin’ for $50K” tournament and Village Wine Walk this weekend, there’s one of the best fireworks shows in Southern CA on 4th of July, the Renaissance Faire, Chili Cook-off, Tour de Big Bear bike race, Ted Nugent, Everclear, and Puddle of Mudd performing at the Cave, and MUCH, MUCH, MORE!!

April 2018 Big Bear Real Estate Stats/YTD Price Break-down

With the summer season quickly approaching, I thought I would send out a quick breakdown of the properties that have sold so far, since the beginning of the year.  As usual, the vast majority of homes sold were in the $500K and under range.  That’s usually the range that most people are able to afford for a second home and if they are going for a conventional loan with 20% down, $575K is usually about their max. As you can see, there have only been ten properties sold over $1M (and only 3 over $1.25M); but the lakefront season hasn’t even begun yet, so that should change in the next couple of months.
Price (K)       #Sold
———-       ——-
250-               128
251-500         162
501-750           34
751-1000          9
1001-1250        7
1251-1500        1
1501-1750        1
1751-2000        1
2000+              0
Here are the Big Bear real estate single family statistics for the month of April.  As is usual, once the slopes close and until the summer season begins, the number of sales is lower; but prices continued to climb, with big jumps in the Big Bear Lake, Fox Farm, and Fawnskin areas, especially.
Area#SalesAvg.SaleAvg. $/sqftSP/LPDOM
BBC   30$269,425$215.74 98.94% 77
BBL    9$494,050$308.46 96.33%166
BBL-Lakefront    0N/AN/AN/AN/A
FAWN    2$355,950$245.12 96.56%312
FAWN-Lakefront    0N/AN/AN/AN/A
FOX    4$703,750$268.43 98.21% 53
MOON  10$379,840$272.67100.35% 98
SUGA 11$204,968$198.47 98.34% 72

 

Finally, here’s this week’s edition of “What’s Up at 7000ft”, including the Spartan Races at Snow Summit, Opening Day of the Bear Mountain Golf course, and guitar legend, Dave Mason, appearing at the Cave.

March 2018 Big Bear Real Estate Stats/IKON Pass Sale ends 5/1

Hi folks!

Our local slopes have officially closed for the winter season (mountain biking season is just around the corner), but sales and prices remained strong in March, especially close to the slopes.

AREA#SALESAVG. SALES PRICEAVG. $/SQFTSP/LPDOM
BBC23$297,713$225.3097.6%80
BBL19$416,600$274.4296.8%139
BBL-LAKEFRONT0NANANANA
FAWN1$200,000$217.8693.0%251
FAWN-LAKEFRONT1$1,075,000$561.3693.5%106
FOX2$627,500$218.9797.6%58
MOON28$398,818$260.8799.7%89
SUGA13$207,812$220.55100.1%62

Even with the slopes closed, there is still plenty to do in Big Bear, with hiking, mountain biking, and fishing as just a few of the popular activities.

What’s Up 4-21-18

Finally, as part of the recent acquisition by Aspen/KSL, our local resorts are part of the IKON pass for the 2018/2109 season, which gives access to 26 resorts across the U.S. and Canada. The passes are currently being offered at $100 off, until May 1st!
IKON Pass Sale

Have a great week!

Joe and Ana Kovich
KELLER WILLIAMS/BIG BEAR TEAM REALTY
909-521-0330 phone
BRE lic.#’s 01380722/01827318
https://BigBearTeam.com

#1 Ranked Big Bear Lake Real Estate Agent on Yelp & #1 Top-Producing Team in Units at Keller Williams Big Bear/Lake Arrowhead

Check us Out on HGTV: Lakefront Bargain Hunt and Log Cabin Living

February 2018 Big Bear Real Estate Stats/”Screamin’ Deal” Passes on Sale!

Even with the low inventory, the sales machine keeps chugging along, with further increases in sales price, especially closer to the slopes.  As of this morning, the current inventory of single family residences in the Big Bear MLS still sits at only 286 homes on the market. This has lead to a lower total number of sales with quite a bit of pent-up demand, which is reflected in a relatively rapid sales pace when a properly-priced home hits the market and a high Sales Price/List Price ratio (over 100% in Big Bear City)!
Area#SalesAvg. Sales PriceAvg. $/sqftSP/LPDOM
BBC14$288,071$213.22100.2%122
BBL13$462,323$262.88 98.2% 90
BBL-Lakefront 2$880,000$494.82 95.4%159
FAWN 3$279,967$200.09 95.9%181
FOX 8$582,463$247.82 96.1% 75
MOON 8$354,188$271.04 97.8%108
SUGA 14$179,857$210.76 96.8%100

 

2018/2019 season passes are on sale now at Bear Mountain and Snow Summit  This is always advertised as the best deal of the year because you get to ski or ride for the rest of this season, as well as get a low price for all of next season: https://www.bigbearmountainresort.com/season-passes.
Finally, here’s a link to this week’s edition of “What’s Up at 7000ft”/ This week’s highlights include “Bear Break
At Bear Mountain” and “Snow Tubing…Day or Night”.
Have a great rest of your week!

January 2018 Big Bear Real Estate Stats

We hope you’re having a great year so far!  Sorry we haven’t sent out any emails yet this year, but we’ve been in Hawaii for the last 6 weeks “tending to” some vacation rentals that we own out that way.  With the inventory being as low as it has been in Big Bear, we figured it was a good time to take some time away; but we sold all of our listings while we were gone (getting offers on all of them within 2-3 weeks of putting them on the market) and decided it was time to come back and list some more!  As you can probably tell, we are big believers in income properties (both full-time and vacation rentals), for the income potential, equity growth, and tax advantages.  Of course, vacation rentals have the added advantage of allowing the owner to enjoy personal use themselves, so we are all about letting renters/guests pay for your second (or third, or fourth, or fifth) home!
As I mentioned before, the inventory has been extremely low this winter (fluctuating between only about 250-275 single family residences in the entire valley), so the number of sales has been relatively lower, but the market has still been very active, with lots of multiple offers (we have personally had multiple offers on all of our listings this year).  Here are the stats for last month:
Area#SalesAvg.  PriceAvg. $/sqftSP/LPDOM
BBC19$247,100$203.4298.42%101
BBL18$415,022$258.1396.62% 93
BBL-Lakefront 0N/AN/AN/AN/A
FAWN 0N/AN/AN/AN/A
FAWN-Lakefront 0N/AN/AN/AN/A
FOX 2$512,450$224.2496.97%198
MOON18$423,498$244.4097.21% 85
SUGA11$172,536$215.6198.11% 85

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!