Big Bear Home Sales
Home sales in April were up 3% when compared to the March sales (76 v. 74). Year over year, sales are up 21% from April 2009, more good news for the market. Compared to April 2008, sales were up 52%!
32, or 42%, of the 76 home sales in Big Bear were bank owned, about 5% less than last month. 40-50% per month is about the average we’ve been seeing for a while now.
11 of the sales, or 14%, were short sales, which is 4% more than last month. This is the second straight month we’ve seen over 10 closed short sales per month. Many are calling 2010 the year of the short sale. With the new HAFA rules only a month into full swing, it is still too early to tell if that prediction will be true. If my personal business is any indication, I’ve got two short sales in escrow, a first for me.
33, or 44%, of the Big Bear home sales in Arpil 2010 were “organic”, or traditional sellers – an increase of 8% from last month. This is an important number to keep an eye on. Organic sellers make up a majority of what is on the market for sale, 85% to be accurate. And yet they only made up 44% of what sold in April. Conversely, bank owned and short sales homes in Big Bear make up 15% of what is currently for sale yet they made up 56% of what sold in April. Can you see what the Big Bear home buyers are biting on?
Big Bear Home Prices
The median sales price dropped from $219,500 in March back down to $181,250 in April, a 17% drop. And year over year, the median sales price was down 12% from the April 2009 median. Still a lot of volatility out there in the market when it comes to prices – all over the board.
The average sales price for homes sold in April 2010 was $229,149, down 11% from the March number of $256,236. Year over year, the average sales price is down 6% from the April 2009 average price of $243,669.
Homes Currently on the Market
The number of homes for sale in Big Bear rose pretty significantly month over month. It was bound to happen, right? An 8% increase (681 vs. 633) is the largest we’ve seen in more than a year. Part of what has been keeping this market going, and prices somewhat level, has been the low inventory. Higher inventory means more competition and lowering of prices so keep tabs on this number.
Year over year, the number of homes for sale in Big Bear is still down 24% from April 2009 (681 vs. 894).
We normally see a build up of inventory this time of year as we head into the busier selling time in Big Bear. But, that did not really happen last year as you can see below. If the inventory levels stay around the 700-800 mark, the real estate market in Big Bear should remain pretty active.
My advice from months past still remains –
The reality of lower inventory is showing up everyday in the market. Properly priced homes coming on the market have 3-4 offers within a week period. There are still a low amount of options for sale, and the buyers are all looking at the same properties.
If you are trying to sell, and you are not seeing any activity, you have to ask yourself why?
For sellers, this is why it is extremely important to price your property correctly in the beginning. The first 30 days are crucial to a successful sale. Miss that opportunity and you will be fighting uphill the rest of the way as it’s very hard to get back in the buyer spotlight.
For buyers, if something good comes on the market, you can be assured that you will be competing against more than one buyer.
Big Bear Home Sales – Thru April 2010
|Month and Year||# Homes For Sale||Median Asking Price||# Homes Sold||Median Sales Price||Average Sales Price|
Year-to-Date comparisons – Sales are up 17% from 2009, and 65% from 2008. The median and average prices are each down 10% and 12% respectively from 2009, while compared to 2008 – down 36% and 35% respectively.
Prices still look to be in the 2003/2004 range.
Year to Date Comparison (1/1 – 4/30)
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to Sales Price|
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* Note: The charts above are updated on a monthly basis. They represent single family home sales in the Big Bear area, including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, & Fawnskin. Data courtesy of the Big Bear MLS. These numbers do not include raw land or condos nor does it include homes in the Big Bear MLS that are located out of the Big Bear area or home sales not listed in the Big Bear MLS.