Big Bear Home Sales
After a big jump the first two months of 2009, home sales in Big Bear for March 2009 (54) slowed down a bit. Sales were up just 10% as compared to March 2008 (49), but were down 5% from the Feb. 2009 home sales (57).
Year to date though, sales are are still up 44% from 2008 (164 vs. 113).
28, or 52%, of the 54 home sales in Big Bear were bank owned and 5, or 9%, were short sales. The 21, or 39%, other home sales in March 2009 were the organic sales.
Expect the bank owned & short sale properties to continue to make up 50% or more of the sales throughout the year as there are going to be more & more coming on the market for sale.
The sales are up because the prices are down. The buyers today are buying for a reason – to get a deal! If the property is not a deal, it won’t sell in this market, plain and simple.
Big Bear Home Prices
The median price for the homes sold was only down 17% from Feb. 2009 and down nearly 40% from March 2008. This is one of the bigger drops we have seen in while. It is further proof that prices are still dropping.
There is still nearly $120,000 difference in the median asking price of $299,950 and the median selling price of $179,500. If you are trying to sell your Big Bear home in this market, then it will require a realistic price. Banks understand this principle statement.
Banks price to sell!
That’s why they make up nearly 50% of the sales, yet they only make up 6% (50 of the 893) of the total amount of what is for sale.
The median asking price for bank owned properties in Big Bear is $174,900, $5000 under the median selling price.
Homes Currently on the Market.
Last year this time there were 1082 homes on the market, today there are 893. If there is any positive news for sellers in this market, it is that sales are up and inventory (their competition) is down. Let’s face it, it could be a lot worse. Just imagine if sales were lower than last year, and inventory was higher.
Big Bear Home Sales – March 2009
|Month and Year||# Homes For Sale||Median Asking $||# Homes Sold||Median Sales $|
First Quarter Comparison (1/1- 3/31)
|Year||# of Homes Sold||Median Sales Price||Average Sales Price||Days on Market||List Price to Sales Price|
As mentioned above, home sales for the year are up 44% from 2008 while the median & average sales price for 2009 are down 24% respectively. Prices still remain at or above 2004 levels. Many experts are saying the bottom of the market will occur when we hit the prices of 2000. While I don’t necessarily agree with that, at least for the Big Bear area, it will be interesting to see where it ends up.
If it is 2000, prices still have a ways to come down.
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* 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.