We got about 14 inches of snow at the resorts this week, so it’s already a crazy President’s Day weekend up here! Below are the sales stats on single family residences in Big Bear for the month of January:
The rather large drop in $/sqft for Big Bear Lake-general from the previous month can be explained by the sale of a couple bank-owned modular townhomes that sold at very low prices for the size. In my opinion, they really should have been listed under “condo/townhouse” instead of “single family residence”, but because you got a small area of land with each, I guess they technically fall into this category.
As of this morning, inventory has dropped even further to only 562 single family residences actively for sale in the Big Bear Real estate MLS. According to a recent article from the California Association of Realtors, there was a big upswing in the number of investor purchases in the month of January. Below is a quote from the article:
“January’s numbers should put to rest any notion that we will see a wave of foreclosures in 2012, at least in the western states that we cover,” stated Sean O’Toole, founder and CEO of ForeclosureRadar. “Foreclosure Starts remain near record low levels, significantly lower than a year ago, when many banks still had self-imposed moratoriums in place due to the robo-signing scandal. Add to that a foreclosure timeframe of more than 8 months, and there is little chance of a wave this year even if all the banks started the foreclosure process en masse tomorrow.”
Have a great, snowy weekend!