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 , , , , ,

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

October 2018 Big Bear Real Estate Stats/Slopes Open Tomorrow!!

It’s that time of year already!  Snow Summit opens tomorrow and Bear Mountain is scheduled to open for weekends only until Dec.7th, starting next Friday.  Below are last month’s Big Bear real estate statistics.  It was a busy month for what is usually one of the slower months of the year, but keep in mind that most of the listings in October were for escrows that opened in September. As we get into the busy winter season, expect more sales closer to the slopes and less on the Lake.  Speaking of the Lake, there were two that sold last month at “lakeview” rather than “lakefront” prices because they were both very shallow-water lakefronts (one was about 60 yards from the water, at this point, and the other currently has no water in front of it).  Most owners of shallow-water lakefront aren’t selling now, with many of them waiting for the new Water Reclamation project that we first mentioned about 6 months ago to go into operation and start to stabilize lake levels.  That said, it could be a great time to pick up a shallow-water lakefront (if you can find one) and wait for the lake levels to go back up!
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC 33 $266,997 $227.57 98.05%  66
BBL 36 $386,222 $264.25 97.46%  93
BBL-Lakefront  2 $676,250 $309.77 88.18% 217
FAWN  1 $300,000 $170.07 92.31% 257
FAWN-Lakefront  0 NA NA NA NA
FOX  6 $770,833 $264.18 93.48% 162
MOON 13 $412,992 $244.11 97.84%  98
SUGA 19 $192,216 $216.90 97.18%  81

 

With Thanksgiving only a week away, here’s a link to a list of local restaurants that will be open on Thanksgiving Day, as well as local activities, including Santa’s entrance into the Village and the lighting of the Big Bear Lake Christmas Tree!!

 

Have a great weekend and fantastic holiday week!
Posted on November 15, 2018 at 11:46 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports, Regional News | Tagged , , , ,

August 2018 Big Bear Real Estate Stats/Hot Dawgz & Handrails

Hi folks,
Below are the Big Bear real estate numbers for the last full month of summer.  Even though summer is almost over, the market is remaining hot, with the busiest September we can remember in our 11 years as Realtors up here. They are always adding more events so that spring and fall aren’t as slow as they were went we first moved up here (Oktoberfest actually opened two weekends ago) and there’s still lots of excitement about the acquisition of our local resorts by Aspen/KSL, the IKON pass, lots of progress on the new Moonridge Zoo, etc.  As with last year, the inventory seems to have peaked around the second week of August and has started dropping already.  As of this morning, we are down about 5% already to 517 active single-family residence listings in the Big Bear MLS.
Area #Sales Avg. Sale Avg. $/sqft SP/LP DOM
BBC  21 $211,129 $219.87 97.84%  75
BBL  27 $432,308 $264.47 97.14% 142
BBL-Lakefront   0   N/A   N/A   N/A  N/A
FAWN   9 $276,500 $254.10 95.65%  98
FAWN-Lakefront   0   N/A   N/A   N/A  N/A
FOX   9 $524,667 $253.78 97.96% 134
MOON  19 $359,042 $257.27 97.97%  79
SUGA  21 $207,933 $200.60 98.27%  81

 

Here’s a link to download this week’s edition of “Live It UP” (formerly “What’s Up at 7000ft”).  This weekend’s highlights include Hot Dawgz & Handrails at Bear Mountain, the Big Bear Village Scarecrow Festival, and the ongoing 48th Annual Big Bear Oktoberfest!
Have a great week!!
Posted on September 19, 2018 at 10:08 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports, Regional News | 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 , , , , , ,

February 2018 Big Bear Real Estate Stats/”Screamin’ Deal” Passes on Sale!

Even with the low inventory, the sales machine keeps chugging along, with further increases in sales price, especially closer to the slopes.  As of this morning, the current inventory of single family residences in the Big Bear MLS still sits at only 286 homes on the market. This has lead to a lower total number of sales with quite a bit of pent-up demand, which is reflected in a relatively rapid sales pace when a properly-priced home hits the market and a high Sales Price/List Price ratio (over 100% in Big Bear City)!
Area #Sales Avg. Sales Price Avg. $/sqft SP/LP DOM
BBC 14 $288,071 $213.22 100.2% 122
BBL 13 $462,323 $262.88  98.2%  90
BBL-Lakefront  2 $880,000 $494.82  95.4% 159
FAWN  3 $279,967 $200.09  95.9% 181
FOX  8 $582,463 $247.82  96.1%  75
MOON  8 $354,188 $271.04  97.8% 108
SUGA  14 $179,857 $210.76  96.8% 100

 

2018/2019 season passes are on sale now at Bear Mountain and Snow Summit  This is always advertised as the best deal of the year because you get to ski or ride for the rest of this season, as well as get a low price for all of next season: http://www.bigbearmountainresort.com/season-passes.
Finally, here’s a link to this week’s edition of “What’s Up at 7000ft”/ This week’s highlights include “Bear Break
At Bear Mountain” and “Snow Tubing…Day or Night”.
Have a great rest of your week!
Posted on March 21, 2018 at 10:19 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Sellers, General Information, Marketing Reports | Tagged , , , ,

January 2018 Big Bear Real Estate Stats

We hope you’re having a great year so far!  Sorry we haven’t sent out any emails yet this year, but we’ve been in Hawaii for the last 6 weeks “tending to” some vacation rentals that we own out that way.  With the inventory being as low as it has been in Big Bear, we figured it was a good time to take some time away; but we sold all of our listings while we were gone (getting offers on all of them within 2-3 weeks of putting them on the market) and decided it was time to come back and list some more!  As you can probably tell, we are big believers in income properties (both full-time and vacation rentals), for the income potential, equity growth, and tax advantages.  Of course, vacation rentals have the added advantage of allowing the owner to enjoy personal use themselves, so we are all about letting renters/guests pay for your second (or third, or fourth, or fifth) home!
As I mentioned before, the inventory has been extremely low this winter (fluctuating between only about 250-275 single family residences in the entire valley), so the number of sales has been relatively lower, but the market has still been very active, with lots of multiple offers (we have personally had multiple offers on all of our listings this year).  Here are the stats for last month:
Area #Sales Avg.  Price Avg. $/sqft SP/LP DOM
BBC 19 $247,100 $203.42 98.42% 101
BBL 18 $415,022 $258.13 96.62%  93
BBL-Lakefront  0 N/A N/A N/A N/A
FAWN  0 N/A N/A N/A N/A
FAWN-Lakefront  0 N/A N/A N/A N/A
FOX  2 $512,450 $224.24 96.97% 198
MOON 18 $423,498 $244.40 97.21%  85
SUGA 11 $172,536 $215.61 98.11%  85
Posted on February 16, 2018 at 9:20 am
Joe Kovich | Category: Big Bear Real Estate, For Buyers, For Realty Professionals, For Sellers, General Information, Marketing Reports | Tagged , , , , ,