The Real Estate market today can best be described as a Buffalo Market. These Buffalo’s, fueled by the media are running straight for the cliff. If something doesn’t change, they will all run right off the cliff.
Prices are down, sales units are up, inventory is down and so are interest rates.
These are all good things, so don’t follow the herd off the cliff.
Let’s take a closer look at the Big Bear Real Estate Market scenario.
The Big Bear Real Estate Market is actually showing some signs of improvement.
- We have had 70 residential homes close escrow so far this year. Last year ( 2008 ) had only 46 for the same time period. That’s a 52% increase this year!
- The median price sold has decreased from $290,000 to $233,850. That is a 19% decrease in median price sold in the past year.
- Inventory is down from 1094 in January of 2008 to 910 as of this morning, that’s 17% less inventory than a year ago.
In the Moonridge Area:
- Moonridge has 155 homes on the market, 17% of the total (910).
- 13 of the 70 sales have come from Moonridge, or 18.6%.
- In 2008, 10 of the 46 sold (21.7%) during this time period came from the Moonridge Area.
- 16 of the 125 currently pending sales are in the Moonridge Area.
So, don’t follow the herd. Contact a local real estate expert with knowledge of the local market you are investing in.
Associate, The Tim Wood Group
Coldwell Banker Mountain Gallery
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531