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Big Bear Real Estate – Monday Market Update For 12/28/2008

Below is your weekly update for the Big Bear real estate market as of 12/28/2008, the last one for 2008!

Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week
RESIDENTIAL 1033 -6 98 +3 652 +8
VACANT LAND 377 +3 7 -2 69 0
CONDOS 52 -1 3 0 22 +1
GOVERNMENT LEASE 11 0 0 0 11 0
TOTAL 1541 -4 114 +1 775 +9

A few notes about the market

The residential inventory will continue to drop. I would not be surprised if the number goes under 1000 homes for sale in Big Bear by next week.  Many homes will come off of the market on the 1st of the year and it will be interesting to see how many sellers re-list quickly or wait for Spring/Summer.

Home sales are making up approximately 85% of the total real estate sales yet they only make up 67% of the total inventory.

Conversely, vacant land sales are virtually non-existent, about 9% of the total sales, but they make up 24% of the total inventory.  I have said this before, if you are trying to sell a vacant piece of land in Big Bear, be ready to sell it for a “steal” of a price.

Only 22 condos sold (3% of total sales) in Big Bear the whole year, ouch.  That is compared to 31 last year, 57 in 2006, and 128 in 2005.

The rest of the market, including Government Lease properties, Commercial & Residential Investments, & Business Opportunities made up 32 sales for the year, but still a very small amount, about 4%, of the total market.

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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