August 2020 Big Bear Real Estate Statistics/Oktoberest Opens this Weekend!

With this crazy summer almost behind us, sales continue at a record pace and the inventory has dropped another 13% from last month to only 146 active single-family residences in the Big Bear MLS!  New properties are still coming on the market, but the inventory is selling faster than it is being replenished; so with the inventory normally starting to drop at this time of year anyways, it’s anyone’s guess as to just how low it will be by the end of Fall/beginning of Winter.  Speaking of Fall, Oktoberfest opens already this coming weekend, but with outdoor-only seating, advance reservations are required.
Area #Sales Avg. Price Avg/ $/sqft SP/LP DOM
BBC 53   $336,743 $262.14 100.6%  87
BBL 40   $522,505 $294.44  98.7% 118
BBL-Lakefront  7 $1,630,575 $400.39  97.5% 183
FAWN  7   $341,400 $235.06 100.8%  75
FAWN-Lakefront  0      NA   NA   NA  NA
FOX 14   $649,393 $283.07  98.6% 139
MOON 52   $502,308 $285.33  99.0% 104
SUGA 30   $219,944 $255.71 100.1%  63
Have a great week!

Posted on September 14, 2020 at 8:57 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , , , , , ,

May 2020 Big Bear Real Estate Stats/Big Bear Top Airbnb Destination!!

Lots has changed since our last monthly stats email!  They started allowing vacation rentals to operate again on May 15th and most companies are reporting back-to-back rentals for the next several months.  We knew that there would be pent-up demand (both of buyers and renters who were tired of being locked up at home for 2 months), but even I was surprised by the numbers!  Every weekend has felt like a holiday weekend (this past weekend felt like 4th of July already) and the supply of houses is having a hard time keeping up with the demand.  I think there is a combination of reasons for that: first, many buyers don’t want to get stuck without a “place in the mountains” for the next “apocalypse” (even those who have been searching for years, but afraid to pull the trigger); second, interest rates are incredibly low right now, making homes more affordable, even as prices continue to rise; and third, the inventory is the lowest we can ever remember at this time of year (we are currently seeing inventory numbers that we normally only see at the depths of winter), leading to multiple offers (in some cases, as many as 10-14, when a house is priced well)!!  Finally, another factor that is harder to quantify, is that more owners seem reluctant to sell now, as they don’t want to lose their own “escape to the mountains” (even when rentals were not allowed, many second homeowners were spending a lot of time at their own cabins, especially those like our niece, who live in condos or apartments in Santa Monica and the other more congested areas of Southern CA).  As of this morning, there are only 335 single-family residences active on the market in the Big Bear MLS (which is almost 10% less than last month, at a time of year when the inventory is usually growing rapidly) and 204 in escrow (almost double what we had last month already)!!!  As usual, homes under $400K sell the fastest, since more people seem to be able to afford that price range; but, even with everything going on in the world, there were 3 Lakefronts that sold last month and another 7 currently in escrow!!
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 11   $297,843 $256.58  98.0% 123
BBL  8   $385,125 $313.12 100.2%  79
BBL-Lakefront  3 $1,585,529 $571.77  95.7% 220
FAWN  0   NA   NA   NA  NA
FAWN-Lakefront  0   NA   NA   NA  NA
FOX  1   $392,000 $268.86  98.0%  53
MOON  9   $383,944 $266.13  96.0% 217
SUGA 14   $204,207 $211.18  95.4%  80
Finally, as we discussed last month, drive-to-destinations and private home rentals (versus hotels, where you share a lobby, elevator, pool, etc. with thousands of other people) are expected to be even more popular for the foreseeable future.  In fact, Big Bear Lake is currently one of the top destinations for Airbnb, so it’s a fantastic time to own a rental cabin!!
Have a great week!

Posted on June 15, 2020 at 11:26 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings | Tagged , , , , , , ,

December 2019 Big Bear Real Estate Stats/Top 10 Places in US to Buy a Vacation Rental

Hi folks!
Below are last month’s Big Bear real estate stats for single-family residences.  As you can see, we finished off the decade on a high note, with a relatively large number of sales, especially for  a holiday month. With the large number of sales, this morning’s inventory is down to only 337 properties! As we come up on Martin Luther King weekend, I thought i would share an article on the top 10 locations in the U.S. to buy a vacation rental investment property this winter (spolier alert: Big Bear is #10; although, I think that if they had combined Big Bear Lake and Big Bear City into one area, we would have been higher)!

Best places to buy a winter vacation home 2019–2020

Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC  21 $270,990 $219.34 97.0% 141
BBL-general  29 $427,451 $283.61 97.4% 112
BBL-Lakefront   0   NA  NA  NA  NA
FAWN   2 $243,000 $204,900 87.5% 125
FAWN   0   NA  NA  NA  NA
FOX   5 $526,880 $270.11 96.9% 166
MOON  20 $388,190 $281.30 97.6%  90
SUGA  13 $219,423 $210.28 97.7%  64

Have a great week!


Posted on January 14, 2020 at 12:30 pm
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, Listings, Marketing Reports | Tagged , , , , , ,

October 2019 Big Bear Real Estate Stats

With only two weeks left until Thanksgiving, our inventory is down to 482 single-family residences.  That is down about 20% already from the annual peak in August and another 10% from last month. As normally happens at this time of year, the inventory will continue to drop through the fall and winter and usually bottoms out at the end of the winter season.  Below are last month’s Big Bear Real Estate statistics.

Area
#Sales
Avg. Sale
Avg. $/sqft
SP/LP
DOM
BBC
30
 $335,490$221.51 94.0%
111
BBL
29
 $450,776$264.60 97.7%
126
BBL-Lakefront
 1
$1,955,000$523.01 98.0%
 49
FAWN
 7
 $327,643$226.33 93.8%
134
FAWN-Lakefront
 1
 $467,000$375.10101.5%
 47
FOX
13
 $477,500$277.37 97.5%
 84
MOON
20
 $428,115$278.01 97.0%
115
SUGA
18
 $211,744$230.64 97.8% 84

Here’s a link to download this week’s edition of “Live.It.Up”.  This week’s edition includes KISS’ Ace Frehley at The Cave, as well as the Thanksgiving Day turkey trot and Santa’s entrance into the Village and Christmas Tree Lighting on the day after Thanksgiving!
Live It Up 11.11.19


Posted on November 13, 2019 at 11:30 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Sellers, General Information, Listings, Marketing Reports | Tagged , , , ,

August 2019 Big Bear Real Estate Stats

Below are last month’s Big Bear Real Estate Single Family residence statistics.  The last full month of summer saw relatively large increases in avg. $/sqft in several areas, but especially in Big Bear Lake.  We also saw increases in the Sales price to List price ratio and decreases in Days on Market (except with Lakefronts, which always take longer to sell).

Area
#Sales
Avg.Sale
Avg.$/sqft
SP/LP
DOM
BBC
  36
$259,809$221.6198.0%
 79
BBL
  24
$401,121$304.5098.5%
 68
BBL-lakefront
   1
$875,000$366.11 97.2%
163
FAWN
   5
$384,300$293.6597.4%
 78
FAWN-lakefront
   1
$425,000$218.17 90.6%
 94
FOX
  10
$465,200$281.98 97.6%
137
MOON
  17
$431,500$269.34 98.7%
 59
SUGA
  24
$212,817$227.0698.9%
 63

The calendar may say it’s still summer, but with temps already dropping in Big Bear, it’s starting to feel a lot like fall.  To add to that feeling, we are already coming up on the third weekend of “Oktoberfest”.  That’s just one of the events in this week’s edition of “Live.It.Up”:
Live.It.Up 9-20-19
Have a great weekend!


Posted on September 19, 2019 at 10:17 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings | Tagged ,

December 2018 Big Bear Real Estate Stats

Happy New Year!!   With the two weeks around Christmas and New Year’s coming to an end, our “sleepy little town” is looking forward to a little break in the action before the next weekend rolls around.  We haven’t seen the final numbers yet, but for those of us who have lived up here for a significant amount of time can tell you, it was the busiest Christmas season we can remember!  I think there were several things that contributed to that:  a good economy, some  well-timed snows (including one early Christmas morning that brought us a beautiful White Christmas), and all the improvements and season passes brought about by Aspen/KSL (the new owners of our local resorts).  As of this morning, our single-family residence inventory in the Big Bear MLS is down to only 412 cabins (about 75% of where it was at the peak last Summer) and continuing to fall. Below are the statistics for the month of December. The total number of sales was a little lower last month, but that is very common for December, as many sellers want to keep a last couple of days at “ultra-prime” rent and many closings get pushed into January because of the holidays and lender/escrow offices being closed.
Area #Sales Avg. Sale Avg.$/sqft SP/LP DOM
BBC 19 $285,461 $212.52 96.5%  96
BBL 14 $467,050 $268.81 96.7% 131
BBL-Lakefront  2 $821,000 $426.23 91.8% 367
FAWN  3 $390,667 $300.35 96.3% 114
FAWN-Lakefront  0     NA   NA  NA  NA
FOX  7 $493,200 $202.36 95.8% 125
MOON 14 $386,921 $263.13 96.8%  64
SUGA  8 $236,863 $195.80 98.1% 109
Have a great weekend!!

Posted on January 4, 2019 at 9:36 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports | Tagged , , , ,

November 2018 Big Bear Real Estate Stats/The Snow is Falling!!

Hi folks!
Here are last month’s Big Bear Real Estate statistics.  As of this morning, the inventory has dropped to 447 single-family residences in the Big Bear MLS, along with a handful of condos.  If you click on the link for the MLS, you’ll see that we switched our idx providers to a more user-friendly search that can be selected as either map-based or list-based.  If you have used the MLS search before, it may ask you to register again, but we think you’ll really like the new format.  Feel free to pass along any feedback that you may have o the new search format.  As you can see from the chart below, November was pretty busy for closings, especially for a short holiday month, with many buyers trying to close in time to enjoy the holidays at the cabin and/or get them rented for the profitable winter rental season.  As we often mention, buyers’ attention has already started to turn away from the Lake and towards the slopes, with increased sales in Moonridge.  As property values in the Big Bear Lake area continue to increase, the number of sales also continues to increase in the relatively more affordable areas of Big Bear City and Sugarloaf, which are still great areas for second homes, but not as ideal for vacation rentals.
Area $Sales Avg. Sale Avg.$/sqft SP/LP DOM
BBC 31 $280,171 $212.40 97.1%  80
BBL 22 $406,514 $272.35 96.0% 115
BBL-LAKEFRONT  0 NA NA NA NA
FAWN  4 $535,750 $228.93 96.3%  75
FAWN-LAKEFRONT  0 NA NA NA NA
FOX  5 $534,800 $260.39 96.9% 118
MOON 16 $375,144 $277.30 96.2% 107
SUGA 13 $191,954 $214.37 97.7% 104
We got about 6 inches of snow at resort level last week and the first wave of the current storm is dropping snow right now.  This storm is supposed to linger through Friday morning, with another storm on the horizon for mid next week already, so it’s looking like it should be a White Christmas, if current trends continue!  Here’s a link to download this week’s edition of “Live it. UP”.  This week’s highlights include skiing and snowboarding at both Snow Summit and Bear Mountain, Winter Adventures at Action Tours, and Santa and Mrs. Claus in the Village!
Have a great week!

Posted on December 5, 2018 at 11:23 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , ,

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 #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 34   $255,928 $208.17  98.93%  90
BBL-general 18   $383,861 $245.30  97.43% 119
BBL-lakeview  7   $577,224 $241.35  94.71% 106
BBL-Lakefront  1 $1,350,000 $469.73 100.00%  10
FAWN  2   $183,000 $267.52  96.52%   9
FOX  5   $735,980 $215.42  95.47% 130
MOON 25   $359,896 $253.38  96.96%  99
SUGA 12   $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.

Posted on July 19, 2017 at 10:00 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , , , ,

September 2016 Big Bear “Sold” and “Pending/Back-up” Properties

Here are last month’s lists of “sold” and “pending/back-up” properties for the month of September. Sales remained strong through September and the number of new listings is balanced out by sales, so the inventory remains about the same as last month at 540 single family residences.
120 Sold:
184 Pending/Back-up:
Here’s an excerpt from a recent article in the Business section of the OC Register about second homes in Big Bear and recent improvements from the Mammoth acquisition:
“Home sales in Big Bear have risen dramatically in the past decade, nearly doubling from a low point eight years ago. In 2008, 472 homes sold between January and August, compared with 810 for the same time period this year, according to a CoreLogic analysis of four area ZIP codes.  The median price – the midpoint of all sales – for the eight- month period was $310,00 in 2007 and fell to a low of $160,500 in 2012. This year it was at $243,500, up 13.5 percent from the same time in 2015.”
Finally, here’s a link to this week’s edition of “What’s Up at 7000ft”.  This week’s highlights include the ongoing 45th Annual Big Bear Lake Oktoberfest, Flashlight Safari at the Big Bear Alpine Zoo, and Mountain Bike Ride to Pioneer Town.
Have a great weekend!

Posted on October 15, 2016 at 6:05 pm
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports | Tagged , , ,

August 2016 Big Bear Real Estate Statistics/What’s Up this weekend

As temperatures start to cool, the inventory has fallen to 551 Single family residences already.  That’s about a 10% drop from the peak a month ago. That makes this the last chance of the year to buy a property while there are still a relatively good number of choices and get it on a rental program by Thanksgiving.  Sales and prices remained strong for the last full month of Summer.  The only real exception is the one lakeview property that was on the market for 9 months.  It was located on a dirt road/driveway off of Edgemoor and had a very disjointed “two different houses stuck together” feeling because of a bad addition, so it sold for much less than a “normal” lakeview property.
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC  29 $236,233 $185.41 98%  81
BBL-general  15 $385,460 $256.81 95%  79
BBL-lakeview   1 $320,000 $149.67 95% 270
BBL-lakefront   0 NA NA NA NA
FAWN   3 $286,600 $210.36 98%  55
FOX  11 $434,363 $228.79 97%  76
MOON  16 $406,662 $247.75 98%  85
SUGA  10 $174,240 $189.65 96%  43

 

Here’s a link to this week’s edition of “What’s Up at 7000ft”. This weekend’s highlights include the second weekend of the 46th Annual Big Bear Oktoberfest, the Kodiak 100 Ultra-marathon, and Aaron’s Big Bass Fishing Tournament.
Have a great weekend!!

Posted on September 15, 2016 at 11:20 am
Joe Kovich | Posted in Big Bear Real Estate, For Buyers, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , , ,