Below is your weekly update for the Big Bear real estate market as of 2/2/2009.
|Property Type||Listings for Sale||Change from Last Week||Pending Sales||Change from Last Week||Sales Year to Date||Change from Last Week|
|COMMERCIAL & RES INVESTMENT||50||-1||3||0||0||0|
A few notes about the market –
Residential properties are hovering around 900 for sale for the first time in a long time. We had 20+ expire over the weekend so that was the main cause for the big drop.
There were 21 residential properties that went into escrow the past week, one of the bigger weeks for pending sales that we have seen over the past few months. 9 (43%) of these sales were either bank owned or short sales, so 12 (57%) were the traditional Mom & Pop seller, or sometimes referred to as organic sales. This is good news! It is actually a reverse of what we have been seeing so far in the latter part of 2008 & beginning of 2009 – which has been a dominant amount of bank owned & short sales.
The 40 home sales reported so far in January means that Jan. 2009 had 25% more home sales than Jan. 2008 – YEAH!!! Prices are down but this is still encouraging news.
Residential properties continue to dominate what is selling, making up 126 of the 148 total properties that are in escrow and all but 1 of the closed sales so far this year.
It was nice to see 3 new vacant lots go into escrow, but condos, government leases, commercial & residential investment opportunities, and business sales have been stagnant so far in 2009.
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.