Residential sales in Big Bear were up 9% year over year during the first quarter of 2020, while the average sales price was up 6% as per the Big Bear MLS. There were 270 residential sales from January 1, 2020 to March 31, 2020 vs. 247 sales during the same time last year. The average sales price rose from $364,000 in 2019 to $386,000 in 2020. The average days on market went up a modest 11 days year or year.
Given all of the craziness with COVID, it’s important to note that the Big Bear real estate market was doing quite well this year. The March sales numbers would have been higher no doubt had the economy not been shut down, causing lots of fear amongst house buyers. I personally lost several sales that would have closed in March, and would assume there were several other lost sales that would have boosted the 2020 sales even higher.
Obviously, the big question is what will the market look like in quarter two, and beyond? Everyone has an opinion, but it’s too early to tell. I am already hearing from buyers looking for the distressed “deal.” Sure, it could happen, but odds are very low. The market won’t respond that fast, and there’s no shortage of buyer for good deals, even in today’s COVID World! The government has put a temporary halt on foreclosures, so seeing anything drastic when it comes to Big Bear foreclosures and short sales is a minimum 6-12 months or more down that road, if at all.
No doubt, interesting times are ahead. Either way, we’ve seen all types of markets, and are ready to help our clients with honest, up front advice, no matter what is going on in the world.