September 2020 Big Bear Real Estate Stats

It was another huge month for Big Bear real estate sales, with a total of 247 single family residences sold.  For the first time that we can remember, the average sales price was over asking price in the majority of the areas that we track and the single-family residence inventory is at only about 110 properties in the Big Bear MLS (and expected to continue to decline through-out the fall and winter).
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC   48   $331,427 $257.34 101.56%   60
BBL-general   62   $606,926 $304.55 100.51%   61
BBL-Lakefront   10 $1,967,117 $569.74  96.73% 168
FAWN-general    6   $571,067 $286.83  98.80% 102
FAWN-Lakefront    1   $975,000 $445.21  97.50% 227
FOX   15   $702,067 $282.81 100.59%   84
MOON   46   $489,007 $306.16 101.67%   49
SUGA   37   $255,325 $247.02 101.24%   67
Have a great week!
Posted on October 27, 2020 at 10:21 am
Joe & Ana Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports | Tagged , , , ,

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 , , , , , , ,

July 2020 Big Bear Real Estate Stats/Record Low Inventory!!

Below are the monthly Big Bear Real Estate single family residence statistics.  Historically, we should be reaching our peak inventory for the year this week (second week of August) and should be around 600 sfr’s on the market; but as of this morning we only have 168 such active listings in the Big Bear MLS!  As we discussed earlier, there are a couple reasons for this:  1. Interest rates are ridiculously low right now (less than 3% for a 30-yr loan!), 2. After the lockdowns, demand for a mountain cabin is at an all-time high, and 3. The “zillow-make-me-move” sellers that usually come out every spring just didn’t come out this year (partly because they are using their own cabins so much more this year and partly because they are making money “hand over fist” due to record high short-term rental demand – especially since millions of residents in LA, OC, San Diego, etc. just don’t have anywhere else to go right now)!!  All in all, it makes for a “perfect storm” for cabin sales!!
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 40   $321,860 $227.22 97.9%  89
BBL 33   $483,499 $273.80 99.2% 111
BBL-Lakefront  5 $1,595,000 $902.27 93.5% 484
FAWN  11   $389,332 $269.27 98.9%  88
FAWN-Lakefront  2 $1,070,000 $506.44 96.1% 312
FOX 15   $632,593 $271.14 97.9%  83
MOON 50   $448,481 $295.39 99.8%  67
SUGA 24   $216,459 $237.33 98.1%  97
Posted on September 5, 2020 at 12:20 pm
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports | 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 , , , , , , ,

April 2020 Big Bear Real Estate Stats/Inventory

We hope everyone is staying safe and healthy!  As expected, April was a slower month than usual for sales; but surprisingly, we still saw about half the number of closings that we did for March (Spring and Fall are usually our slower seasons up here, anyways).  Even more surprising is that we currently have another 106 properties in escrow.  In addition, for the properties that did close escrow last month, we saw pretty significant increases in average $/sqft!  The first month or so after they closed the resorts on March 15th, we definitely saw lower activity (especially when Real estate was considered “non-essential” for the second half of March), but started picking back up again, especially after the middle of April, as people started getting more and more tired of being stuck at home and decided that a “cabin in the mountains”, would be a great place to escape the congested cities (especially with our extremely low number of cases in Big Bear).  There are also a lot less homes for sale than there would normally be at this time of year.  Usually, the inventory starts to expand as soon as the slopes close for the season, but right now, the Big Bear MLS is at only 366 active single-family residences, which is usually around where we are at during the depths of Winter (not almost two months since the slopes have closed)!
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 14   $286,761 $244.29 98.0% 108
BBL  5   $443,400 $314.34 99.2% 133
BBL-Lakefront  1 $1,500,000 $316.59 88.3% 135
FAWN  1   $172,500 $380.79 98.6% 292
FAWN-Lakefront  0     NA   NA  NA  NA
FOX  0     NA   NA  NA  NA
MOON  9   $469,600 $312.47 95.6% 184
SUGA 11   $188,027 $226.10 92.6% 128
Have a great week!
Posted on May 19, 2020 at 7:09 pm
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information | Tagged , , ,

February 2020 Big Bear Real Estate Stats/Big Announcement!!

Hi folks!
Below are the monthly Big Bear real estate stats for February. The average sales price was up big-time across the board from our last stats for December!! The inventory has gone down slightly in the Big Bear MLS from 337 single-family residences (does not include condos or vacant land) in January to 327 now.
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 18   $304,817 $226.88 96.2% 87
BBL 17   $513,324 $266.26 98.1% 154
BBL-Lakefront  1 $2,950,000 $636.36 94.9% 245
FAWN  0 NA NA NA NA
FAWN-Lakefront  0 NA NA NA NA
FOX  6   $655,383 $247.08 99.1%  96
MOON 17   $537,532 $275.28 96.6% 118
SUGA 18   $204,011 $232.54 97.4%  96

I’m excited to finally be able to announce a project that I’ve been working on for the last couple of months! I have accepted the position as Principal Broker of California for VACASA Real Estate.  With approximately 25,000 units managed, VACASA is the largest vacation rental management company in North America and should be largest in the world by the end of this year. VACASA started getting into the real estate world about two years ago and is focusing primarily on vacation rental markets. Because of that, we have unparalleled access to vacation rental histories, vacation rental market trends, and an inventory of homes that are already income-producing vacation rentals. Having both vacation rental and real estate divisions really sets VACASA apart from other national real estate firms and allows a synergy for both homeowners and buyers.  Our agents are licensed to buy and sell properties anywhere in California, of course, but we are going to be focusing on resort areas where we have a lot of short-term vacation rental properties, such as Big Bear, Palm Springs, San Diego, Lake Tahoe, etc.  Besides the exposure in the vacation rental industry, our VACASA listings will all be listed on our national website (along with cap rates for investors), in multiple boards and MLS’ throughout the state (including Big Bear and the CRMLS for maximum exposure), and include free 3D Matterport photography (something that no other brokerage in Big Bear is offering)!!  We already have a great team onboard in Big Bear that did over $50M in sales just last year, so please reach out if you are ready to buy or sell!!

Have a great week!!
Posted on March 17, 2020 at 9:33 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports, Regional News | 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 , , , , , ,

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

January and February 2019 Big Bear Real Estate Stats/Snow is Falling Again!!

Sorry it’s been a while, but we were in Hawaii at this time last month doing some work on our rental properties out there. Btw, we are planning on selling one of our Kona condos (studio) to buy a little larger unit, so if you know anyone looking for a good cash-flow condo in an oceanfront complex, just let us know!  Turned out it was a good time to go, as Big Bear has already received more than 15 inches of rain this season and almost 6ft of snow (and it’s snowing right now as I type this)!!  The good news is that the local resorts, vacation rentals, stores, restaurants, etc. are having a great year and the even better news is that the Lake is almost up 7ft already from the beginning of the season!!  The creeks/tributary streams are flowing heavily into the Lake and with more snow falling (and more on the way), we should be up about 10ft by the beginning of Summer!  This would put us already around the point that the Water Reclamation project was shooting for, so it should make their job much easier to maintain from here on out.  This means that some of the shallow-water lakefronts (that had no water the last couple of years) will be able to put their docks back out! In fact, the shallow-water lakefront across the street from us just sold, with multiple offers, after years of having been on the market!  If you’ve been thinking about a Lakefront, now may definitely be the time to pull the trigger, if you can find one!! As of this morning, we are down to only 347 single-family residences on the market in the Big Bear MLS.

Since we didn’t do a stats email last month, I thought I would just combine Jan. and Feb. into one chart to give a YTD snapshot of prices so far:

Area
#Sales
Avg. Sale
Avg. $/sqft
SP/LP
DOM
BBC
 29
 $258,000$223.6396.8%
120
BBL
 35
 $505,951$259.0996.6%
 88
BBL-LAKEFRONT
   2
$1,552,500$441.7095.9%
121
FAWN
   6
 $262,417$279.3297.4%
126
FAWN-LAKEFRONT
   1
 $899,900
$541.13100%
 29
FOX
   8
 $544,988$270.0596.3%
 93
MOON
 29
 $372,997
$283.0398.1%
 92
SUGA
 25
 $190,564$198.3096.9%
104

Finally, discounted lift tickets just went on sale for the 2019/2020 season.  Please see link below for more details:
“Screamin’ Deal” Season Passes
Have a great weekend!

Posted on March 6, 2019 at 11:57 am
Joe Kovich | Category: Big Bear Real Estate | Tagged , ,