Below are last month’s Big Bear Real Estate Stats. There are currently a total of 457 total single family residences for sale in the Big Bear MLS, with 63 having sold last month, so there is very little change from the previous month (when there were 467 active and 60 sold); but looking at the rest of the stats, it definitely looks like we have entered “Buyers Market” territory. I’ve been saying for a while now that the current market feels a lot like it did at the end of our last big real estate cycle in 2007. As happened back then, the majority of sales were happening in the outer (more affordable) areas of our market (Big Bear City, Sugarloaf, Erwin Lake, etc) and far fewer in “the resort areas” of Big Bear Lake, Moonridge, and Fox Farm; but I don’t remember ever seeing the numbers quite this low (only 8 properties in BBL & 9 in Moonridge)! It’s also taking about 3 months on average for a property to sell (DOM) and most properties are selling under asking (the exception was Fawnskin where two very small properties sold at a high $/sqft). Interest rates have softened a bit, so hopefully we will have a stronger close to the Summer (there are 80 SFR’s currently in escrow), but only time will tell!
Area
#Sales
Avg. Sale
Avg.$/sqft
SP/LP
DOM
BBC
23
$454,802
$332.90
98.65%
87
BBL-gen
7
$829,829
$441.71
98.42%
67
BBL-lakefront
1
$1,175,000
$864.61
98.00%
27
FAWN-gen
3
$501,000
$619.13
109.79%
94
FAWN-lakefront
0
NA
NA
NA
NA
FOX
4
$657,500
$416.60
97.11%
92
MOON
9
$743,167
$382.25
95.09%
84
SUGA
11
$371,400
$399.24
99.08%
106
Have a great rest of the week!