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Patty’s Picks of the Week

Here are my top picks of the week! Simply click on the highlighted link to see the details for  the "best in show" properties. Under $100K: 2085 Mahogany: Built in 1982, nearly 1000 sq. feet of comfortable living area, fenced in yard, with a two car garage, for only $99,500! $100K-$200K: 899 Brier Trail: Atmosphere, atmosphere, atmosphere...and LOCATION!!! This charmer is like an updated government lease, but YOU own the land. The National Forest is your backyard in this tranquil Big Bear Lake location. Very … [Read more...]

So, We’ve Hit Bottom In Big Bear……..Not So Fast!

[viddler id=8b2cd2a8&w=545&h=349] There's been a lot of talk recently about the real estate market in Big Bear hitting the bottom. Rightfully so, with sales up nearly 50% from last year, interest rates under 5%, the number of properties on the market down 25%, and prices down 25% to 50% from their peak, it is natural to think we are there are close to it. I guess it depends on what you call the bottom, number of sales or prices? If it is sales, then yes, we already hit bottom last year. But, prices are … [Read more...]

Big Bear Home Sales 2008 – 2nd & 3rd Quarters

Below are the details on home sales in Big Bear for the 2nd and 3rd quarters of 2008.  See the 1st quarter home sales here.  Why am I posting the 2nd and 3rd quarters together?  Because I was lazy (or busy) in July and did not post the 2nd qrt. numbers then :). 2008 - 2nd Quarter #s Year Q2 # of Home Sales Median Sales Price Days on the Market List Price to Sales Price … [Read more...]

Big Bear 2008 First Quarter Home Sales

This may be a little late but it is still informative to look at and compare the first quarter home sales for 2008 with that of the previous 5 years. It is pretty well known that home sales in Big Bear have slowed down tremendously.  First quarter sales were off 48% from the first quarter of 2007 (and 2007 was the slowest year for the number of sales that we have seen in over 20 years) and 69% less than the first quarter of 2004, the best first quarter in the past 6 years. Year Q1 # of Home Sales Median Sales … [Read more...]

Absorption Rates For The Big Bear Real Estate Market – April 2008

The time it will take to sell a house in Big Bear dropped by 10 months in April 2008.  With the pick up in home sales that we saw in March, the absorption rate for the Big Bear real estate market dropped from 32.72 months to sell to 22.80 months to sell.  This is encouraging news for home sellers though the market is still very heavily favored toward buyers.  The market will need to get closer to a 1-3 month absorption rate in order to get back to a sellers market. Now that we are heading into the spring and … [Read more...]

Big Bear Residential Market Activity 3/31/2008 to 4/6/2008

Below is a market update for residential properties in the Big Bear Valley during the week of March 31 to April 6. New listings and pending sales were up from the previous week while closed sales were down. The majority of closed sales continue to occur in the Big Bear Lake areas of Boulder Bay, Gilner Point, Ironwood Estates, Eagle Point, Fox Farm and Moonridge.  The areas of Big Bear City, Erwin Lake, Baldwin Lake, Lake Williams and Sugarloaf are still seeing very few sales. Average days on the market for … [Read more...]

Big Bear Residential Market Activity 3/24/2008 to 3/30/2008

Below is a real estate market update for residential properties in the Big Bear Valley during the week of March 24 to March 30. The market in Big Bear Lake and Big Bear City continues to be the main areas of activity when compared to Sugarloaf & Fawnskin. Given that there are 135 homes for sale in Sugarloaf, 1 closed sale and 1 pending sale this past week is drop in the bucket.  At least with only 28 homes for sale, Fawnskin still has relativley few homes for sale and therefore less competition. Valley wide, … [Read more...]

Big Bear Residential Market Activity 3/17/2008 to 3/23/2008

Below is a market update for residential properties in the Big Bear Valley for the week of March 17 to March 23. Given that residential properties are the majority of sales in Big Bear, I have focused on this type of property. If you are interested in the stats for vacant land, commercial, or condos, please let me know. New, pending, and sold listings in Big Bear Lake were very similar to the prior week with no major swings noted. Pending listings in Big Bear City nearly doubled last week, up from 3 to 8, with … [Read more...]

Big Bear Home Prices Down 15-25%

A recent article by the L.A. Times says the median price of homes in the Big Bear area dropped between 15-25% in February of 2008 as compared to February 2007. Area Number of Sales Median Price Drop in Price from 2/07 Median Price Home Per Sqft. Big Bear Lake 92315 17 $333,000 -24% $243 Big Bear City 92314 11 $235,000 -14.6% $221 Sugarloaf 92386 6 $164,000 -21.9% $146 Fawnskin 92333 n/a n/a n/a n/a It is interesting to compare this with the median home prices for Big Bear that I posted on earlier this … [Read more...]

Absoprtion Rates For Big Bear Real Estate – March 2008

The absorption rate provides a clear picture of what is happening in the real estate market and is good to share with buyers and sellers. I determine the absorption rate for Big Bear by taking the previous month's sales in a particular price range or area (you can use others like bedrooms, square footage and such), and divide that into the total number of available properties in that same criteria set.  This will give you the amount of months it will take for the market to absorb the properties for sale, assuming … [Read more...]