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 | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , , , , , ,

June 2020 Big Bear Real Estate Stats and Sold/Active by Price Point

It was another busy weekend up here for 4th of July, but a little less crowded than expected (less “day-trippers”), because the fireworks got postponed until later in the year.  The inventory remains historically low (down another 20% from last month) at only 276 single family residences (SFR’s) in the Big Bear MLS as of this morning!!  As usual, most people are still looking under $400K, with the vast majority of sales being in that category; but the inventory is just the reverse, with only 96 up to $400K, 103 from $400-800K, and 81 at $800K+.  From January 1st to July 1st, there were a total of 492 sold SFR’s, with 348 sold under $400K, 117 from $400-800K, and only 28 total from $800K+. For the “resort areas” (Big Bear Lake, Moonridge, and Fox Farm), here is a breakdown of sold properties by price, since the beginning of the year, as of June 23rd:

Price Range    #Sales
————-     ——–
100-200K          5
200-299K         34
300-399K         49
400-499K         37
500-599K         19
600-699K         13
700-799K         10  (incl. 2 Lakefronts)
800-899K         10  (incl. 1 Lakefront)
900-999K           3
1000-1099K       0
1100-1199K       1  (Lakefront)
1200-1299K       0
1300-1399K       0
1400-1499K       1
1500-1599K       2  (both Lakefronts)
1600-1699K       0
1700-1799K       2  (incl. 1 Lakefront)
1800-1899K       1
1900-1999K       0
2000-2499K       0
2500-2999K       2  (incl. 1 Lakefront)
3000K+             2  (both Lakefronts)
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 38   $324,695 $239.05  99.2%  89
BBL 24   $434,596 $284.21  98.2%  87
BBL-Lakefront  3 $2,067,000 $471.72  95.0% 140
FAWN  4   $340,750 $263.74  97.7% 105
FAWN-Lakefront  1   $610,000 $405.59 101.8%   5
FOX  5   $719,200 $286.47  97.6% 127
MOON 24   $406,938 $301.13  97.7% 103
SUGA 29   $189,562 $229.79 98.4% 107
Have a great week!
Posted on July 8, 2020 at 10:52 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports | 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 | Category: 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 | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, Listings, Marketing Reports | Tagged , , , , , ,

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 #Sales Avg. Sales Price Avg. $/sqft SP/LP DOM
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   0 N/A N/A N/A N/A
FOX   7 $431,429 $228.94  96.8%  69
MOON 24 $381,025 $269.51  98.6%  66
SUGA 13 $203,781 $226.24 101.5%  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!!
Posted on June 8, 2018 at 11:04 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Sellers, General Information | Tagged , , , , , ,

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!
Posted on August 10, 2017 at 10:02 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports, Regional News | Tagged , , , , , , ,

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!!
Posted on May 11, 2017 at 9:47 pm
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Sellers, General Information, Marketing Reports, Regional News | Tagged , ,

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 #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 34 $254,854 $189.36 98.0% 121
BBL-general 15 $292,467 $223.58 96.5% 130
BBL-lakeview  2 $774,950 $247.55 97.5% 227
BBL-lakefront  3 $686,667 $388.22 94.5% 261
FAWN  2 $342,500 $290.67 93.0%  45
FOX 10 $557,700 $207.43 94.5% 162
MOON 16 $358,081 $257.09 98.5% 130
SUGA 15 $201,960 $171.73 97.2%  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!!
Posted on April 22, 2017 at 9:30 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports, Regional News | Tagged , , , ,

February 2017 Big Bear Stats/Moonridge Improvement Project/New HGTV Show

Here are the Big Bear real estate stats for February 2017.  Although it was a short month, the number of sales remained relatively high.  As usually happens at this time of year, there were significantly more sales closer to the slopes than closer to the Lake (the $/sqft on the one lakeview property was considerably lower than normal because it was a very large home – almost 5000sqft).
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 21 $288,532 $193.54 96.5%  74
BBL-general 14 $427,402 $231.37 96.0% 116
BBL-lakeview  1 $799,900 $168.97 100%  60
BBL-lakefront  N/A  N/A  N/A  N/A N/A
FAWN  2 $220,000 $148.56 91.8% 190
FOX  2 $422,500 $223.51 98.6%  34
MOON 14 $381,986 $232.71 97.6%  54
SUGA  8 $155,050 $156.61 96.6%  83
As many of you know, there are a lot of very exciting planned improvements in the Moonridge area, in addition to Mammoth’s plans for the resorts.  Here’s the most updated info on the scheduled improvements in Moonridge, including the improvements along the Moonrdige corridor and the new Rathbun Creek Hiking and Biking Trail.
Finally, we recently filmed another HGTV show in Big Bear Lake and it is airing this Saturday, March 18th.   Here’s more information on the episode, which airs at 8:30pm PST on Dish Network, but at different times on DirecTV and cable, so please check your local listings for tune-in times:
Have a great week!
Posted on March 15, 2017 at 8:11 pm
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, Regional News | 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 | Category: Big Bear Real Estate, For Buyers, For Sellers, General Information, Listings, Marketing Reports, Regional News | Tagged , , , ,