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Big Bear Home Sales For February 2008

Slow as a snailThe real estate market in Big Bear continues to move along at a very slow place. Even with the extra day this February, home sales in Big Bear last month totaled only 28 31 (some late entries), one two more less than the number sold in January.

The median price for properties listed for sale was up 1% from $339,900 to $345,000, while the median sales price for the homes sold in February was down 13 10% from the previous month, $250,000 $260,000 as compared to $287,500 in January. This is still the lowest monthly median sales price for Big Bear that we have seen over the past 2 years (see below).

Compared to the home sales in February of 2007, the number of homes sold was off by more than 60% and the median price was down by approximately 17 14%.

What do all these numbers mean? The real estate market is still experiencing a very limited amount of activity. If this is not the bottom of the market then I don’t know what to call it. There is probably still some room for the prices to come down but home sales cannot get much slower than this. Take a look at the past 20 years for Big Bear sales and you won’t find any slower months than the past two months.

Month and Year # Homes For Sale Median Asking $ # Homes Sold Median Sold $
Feb 2008 1049 $345,000 31 $260,000
Jan 2008 1094 $339,900 29 $287,500
Dec 2007 55 $273,750
Nov 2007 66 $282,500
Oct 2007 53 $310,000
Sept 2007 60 $269,750
Aug 2007 81 $310,000
July 2007 70 $293,450
June 2007 59 $350,000
May 2007 81 $309,900
April 2007 59 $340,000
Mar 2007 82 $311,100
Feb 2007 78 $302,500
Jan 2007 55 $325,000
Dec 2006 95 $320,000
Nov 2006 90 $392,000
Oct 2006 96 $270,000
Sept 2006 97 $340,000
Aug 2006 118 $311,450
July 2006 78 $299,950
June 2006 115 $300,000
May 2006 106 $325,000
April 2006 92 $311,500
Mar 2006 100 $322,500
Feb 2006 95 $299,000
* Note: The chart above will be updated on a monthly basis. It represents 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 not include homes in the Big Bear MLS that are located out of the Big Bear area.

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  2. […] is interesting to compare this to the median home prices for Big Bear that I posted on earlier this month.  My stats show an average drop in the median homes prices of […]

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