It appears that the real estate market in Big Bear is cooling off quite a bit. 2014 was the slowest year for unit sales over the last 10 years. Take a look at the chart & notes below for some more interesting findings.
Here’s what I noticed –
1. Residential unit sales were down 27% in 2014 compared to 2013. I am not sure if this has something to do with the rising prices, about 10% higher year over year, or more of just a general slow down in the market. Seems to me it could be a little of both. I believe there was some pent up demand from buyers in the 2012 & 2013 market, and once they realized the sales were shifting up in the latter part of 2012, many buyers jumped into the market to try and time the bottom.
2. We’ve still got a long way to go to catch up to the sales numbers from the mid 2000’s. We were selling 2-3 times as many homes in the early to mid 2000’s.
3. The first 5 months of the year are the 5 slowest for real estate sales in Big Bear. This is something I’ve always known, and this is just more proof. We get a lot of snow & visitors in the winter months, but that doesn’t always translate to immediate sales. I think it leads to future buyers down the road and many start thinking about buying a place at this time.
One thing is for sure, we’ve seen a slow down in sales. Whether that holds true for the rest of 2015 remains to be seen.