With 93 homes sales in November, and approximately 715 homes for sale in the area, the market is starting to come in line with a “normal” market, though it is still leaning in favor of buyers.
Why is this important? Knowing the absorption rate will tell you what the real estate conditions are like in a particular price range and area. If you are selling your property, this can help when determining the demand in your area or price category, and in turn, your asking price. When getting ready to buy, this will help you become more informed on what segments of the market are moving and provide you with some leverage.
Trying to sell a Big Bear home priced over $500,000 is proving to be very tough these days as few are selling compared to how many are on the market – 129 for sale and only 4 sales in November, a 32.2 month supply, which is definitely a buyer’s market! Obviously, most of what is selling right now is under the $500,000 price point.
And by area, Fox Farm and Sugarloaf are moving the best right now while Big Bear Lake Central, Fawnskin, and Whispering Forest are the slowest moving areas.
Absorption Rate By Price Range
|Price Range||Residential Properties On The Market||Residential Sales Last Month||Absorption Rate – Months|
|$300,000 & below||432||64||6.75|
|$300,001 to $500,000||154||25||6.16|
|$500,001 to $800,000||63||3||21|
|$800,0001 to $1,000,000||18||1||18|
|$1,000,001 & above||48||0||n/a|
Absorption Rates By Area
|Area||Residential Properties On The Market||Residential Sales Last Month||Absorption Rate – Months|
|Big Bear Lake West||31||4||7.75|
|Big Bear Lake Central||87||4||21.75|
|Big Bear Lake East||52||8||6.5|
|Big Bear City||152||23||6.6|
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