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Big Bear Real Estate – Monday Market Update For 11/17/2008

It has been over 6 months since my last Monday market update so I figured, why not start it up again today?

Below is an update for the Big Bear real estate market as of 11/17/2008.

The number of residential properties listed for sale in Big Bear now stands at 1066 total. It is interesting that this number is relatively low.  A lot of people I talk to seem to think there is so much for sale right now when in fact this number was much higher, near 1500, last year at the same time.

The real story is that a lot of the homes on the market are just sitting. A very limited amount of the homes are actually selling. So, that may give people the impression that there are a lot of homes on the market when, historically speaking, it not the case.

The number of houses in escrow now stands at 105, or 10% of the total listings, while the number of closed sales stands at 593 year-to-date.

There are currently 375 vacant land listings for sale in Big Bear. The number of pending sales stands at 13, or 3% of the total vacant land inventory, ouch. Selling a piece of vacant land in this market is nearly impossible.  Unless you are willing to take a big hit on the price, I would recommend holding on to the property until the market changes quite dramatically.

Vacant land sales have been the quiet story in this market though they have probably been hit the hardest. Values have dropped significantly more on vacant land than residential homes.

Closed sales for vacant land stands at 65 sales for the year, which would have been a strong month just a few years ago.

The number of condos for sale in Big Bear is 53 while the number of pending sales is at 3.  The number of condos sold in Big Bear for the year stands at 20 total.

Property Type Listings for Sale Pending Sales Sales Year to Date
RESIDENTIAL 1066 105 593
VACANT LAND 375 13 65
CONDOS 53 3 20

Government Lease properties in Big Bear are still very limited. There are 12 for sale, 1 pending sale, and 10 closed sales this year for the these types of cabins.

The number of commercial & residential investment opportunities on the market stands at 53.  There are 8 pending sale and a total of 12 closed year-to-date.

Business opportunity listings stand at 16 for sale while closed sales for the year and pending escrows are 5 & 1 respectively.

Be sure to check back here every Monday for your Big Bear Market Update or sign up to get this emailed to you every week.

* Information updated weekly, 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 or data on properties in Big Bear that are listed in other MLS systems.

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