As mentioned previously, the real estate market for Big Bear in 2007 will go down as the the slowest year for sales over the last 20 years.
In particular, vacant land has appeared to have the biggest drop off in sales activity as compared to single family homes. Each neighborhood in Big Bear is unique and is a special niche. But, the vacant lots that used to fly off the market just a few years ago in areas like Meadowbrook Estates, Castle Glen, Eagle Point Estates, and lakefront properties are now sitting on the market for 6-12 months or more with sales prices dropping nearly 30% or more.
The number of sales in all of Big Bear for vacant land has dropped pretty consistently the past five years. There were over 602 sales in 2003 and only 182 in 2007 (we still have a day left this year but I don’t think that will change much). That is nearly a 70% drop in sales activity for vacant land in the Big Bear area.
Interestingly enough, the average selling price has been steadily climbing up the past 5 years. As more of the properties that have been on the market for while start selling, this should reflect a more true picture of the pricing. Look for the average sales price to drop a bit in 2008 as a reflection of this.
The average days on the market is now 122 days, up from 76 days last year. This can vary from area to area as well. Keep in mind that this number is only for the properties that are selling. As with the average price, I believe this number will change in 2008. The days on the market should go up a lot higher as there are many properties that have been sitting on the market for a year or more. When, and if, they finally do sell, that average days on the market is bound to increase.
If you have a vacant lot in Big Bear and are considering selling, make sure to look at the comparable sales numbers as they relate to your property. It is especially important to look at the last few months as these are the most comparable prices a buyer is willing to pay in the current real estate market.
If you need any help, feel free to contact me.