Home sales in Big Bear for January 2009 (47) were up 37% as compared to January 2008 (30), and 13% compared to December 2008 (41).
January is normally one of the 4 slowest months of the year for sales so this is pretty good news all things considered.
25, or 59%, of the 47 home sales in Big Bear, were either bank owned or short sales. This is up from 44% of the total sales last month. I suspect this number will continue to rise this year. Not great news but we have to get them sold in order to get through this market.
The median price for the homes sold was $220,000, down 23% from Jan. 2008, and down 17% from Dec. 2008. Another classic month of Sales Up, Prices Down.
Another key point to look at is the number of homes currently on the market. Last year this time there were 1094 homes on the market. Today there are 902. Contrary to what most people think, inventory has been going down, not up.
It is also mind boggling to note the the median asking price is virtually the same. There still remains a nearly $100,000 gap between the median asking price of $319,000 and the median sales price of $220,000. So, while the median sales price has dropped 23% year to year, the median asking price by sellers only dropped about 6%, or $20,000.
Most sellers are still not getting it. If you are trying to sell your Big Bear home in this market, then it will require an aggressive price. Sellers continue to need to be realistic with their pricing in this market as it is still the most important factor in getting a property sold, just ask the banks.
One important item to note, there are still buyers out there. It is common for the prospective buyers in this market to think that they are the only ones looking for property. They think they are special (like sellers used to think back in 03′, 04′ & 05′). The fact is, 47 people bought a home in Big Bear last month. If you are looking at a property in Big Bear, and it is a “good deal,” there is a good a chance that you are not the only one looking at it, even in this market. I am seeing this every week with the best of show properties, they generally have multiple parties interested.
Big Bear Homes Sales – January 2009
|Month and Year||# Homes For Sale||Median Asking $||# Homes Sold||Median Sales $|
Year to Date Sales Comparison (1/1- 1/31)
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to Sales Price|
As was noted above, this a a good start to the year relatively speaking.
The median & average sales prices are still up from the Jan. 2003 & 2004 levels.
* Note: The charts 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.