Below are the details on home sales in Big Bear for the 2nd and 3rd quarters of 2008. See the 1st quarter home sales here. Why am I posting the 2nd and 3rd quarters together? Because I was lazy (or busy) in July and did not post the 2nd qrt. numbers then :).
2008 – 2nd Quarter #s
|Year Q2||# of Home Sales||Median Sales Price||Days on the Market||List Price to Sales Price Ratio|
2008 – 3rd Quarter #s
|Year Q3||# of Home Sales||Median Sales Price||Days on the Market||List Price to Sales Price Ratio|
In my opinion, these are some key points to take from the data –
1. Obviously, the numbers of homes sold and the median price in Big Bear continue to drop from the highs of 2004 & 2005. There are stories I hear out there about the market picking up. While it may be leveling off, I don’t know that it is picking up. 20-30% of the total sales currently are bank owned, not the best kind of increased activity if you are looking for prices to increase, at least in the near future.
2. The number of home sales during the 2nd & 3rd quarter of 2008 is very close to the same two quarters of 2007, only 19 short. The first quarter numbers for home sales in 2008 were 102 less than the 1st qtr. of 2007. This could suggest a leveling off from the drop. We’ll see.
3. The median price today is below the median price of 2004 3rd qtr. This suggests that the value of homes in Big Bear now are near the same values they were in mid to early 2004. It is still close to $40,000 higher than the 3 qtr. level in 2003.
4. The average days on the market for the properties that are selling in Big Bear went down, not up, in the 3rd qtr. of 2008 as compared to the 2nd qtr. It was not a huge number but the bank owned & REO properties that are selling might be helping to lower this number. They tend to be priced very aggressively and sell quicker than your normal, organic seller.
5. The list price to sales price ratio can be misleading. The list price at the time of sale could have been the original, or maybe not. If the property was reduced during the listing period, then the list price to sale price ratio would be a lot lower. My guess is that if you were to take the original list price of these sales, and compare them to the sale price, the ratio would be closer to the 90% mark. Tough to tell exactly though.
I am sure there are more nuggets we can pull from this data. Let me know what you think or if there are other stats you think would be interesting to know.
* Information courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area. Information is deemed reliable but cannot be guaranteed.
Tyler, interesting info. I am surprised by the drop in Median home price over such a short period of time. The increased number of sales is promising.
Thanks for stopping by Holly. I think the bank owned properties are to blame for both the increased sales and decreased prices.