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Big Bear Real Estate – Monday Market Update For 12/1/2008

Big Bear Real Estate DataBelow is your weekly update for the Big Bear real estate market as of 12/1/2008.

The number of residential properties listed for sale in Big Bear now stands at 1049, down from 1067 last week. The reason for the drop was there were 30 expired listings (properties that did not sell) this morning.

It would have been nice if this drop was due to 30 new pending sales, but it was not the case. It is pretty typical to see this amount of expired listings show up at the beginning of the month, as many listing contracts run out at the month’s end.

I do expect the number of homes for sale in Big Bear to continue to go down in the winter months as the market slows down. Many homes are still sitting on the market and, as we head into winter, sellers will take their property off and try again in the spring or summer.

The number of houses in escrow now stands at 91, down 6 from last week, while the number of closed sales stands at 619 year-to-date, up 14 from last week.

There are currently 379 vacant land listings for sale in Big Bear, which is 9 less than the number last week. The number of pending sales stands at 9, down 2 from the week prior, and is a very small amount when compared to the number vacant lots for sale.

Selling a piece of vacant land in this market continues to be 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.

Closed sales for vacant land stands at 67 sales for the year, up just 1 from last week.

The number of condos for sale in Big Bear is 52 (down 2) while the number of pending sales is down 1 for a total of 2 condos in escrow. The number of condos sold in Big Bear for the year stands at 21 total, up 1 from last week.

Property Type Listings for Sale Pending Sales Sales Year to Date
RESIDENTIAL 1049 91 619
VACANT LAND 379 9 67
CONDOS 52 2 21

There were no changes in government lease properties in Big Bear this week. There are still 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 55, up 3. There are 4 pending sale, down 4 from last week, and a total of 15 closed year-to-date, up 3 from last week.

Business opportunity listings stand at 15 for sale, down 1, while closed sales for the year and pending escrows are 5 & 1 respectively, identical to last week’s numbers.

See last week’s Big Bear real estate market numbers.

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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