As of 11/21/2009
We had 52 closed sales in the Moonridge area for the past 90 days. There are 110 active Moonridge listings, and 27 pending in escrow. We have a 6.47 month supply of inventory at the current rate of sale. 12 of the 52 closed sales were Bank Owned and 5 were Short Sales.
The price differential shown above tells us that the homes in Moonridge that are selling, sell very close to list price. This isn’t surprising to me, price is the most important factor in this market. When a home is priced correctly it will sell, it’s really that simple. Knowing what price to list at is by far the most important decision a seller must make. List price should be based on market conditions and not a sellers perception or need. Banks are making this more apparent, they are not emotionally attached to homes. Bank owned properties are being priced based upon comparable sales, and nothing else. This is why the bank owned homes sold in Moonridge have an average of 30 days on the market and all of the other types of sellers are averaging 144 days in the Moonridge area. That’s almost 5 times as long as the average bank owned listing.
When I look deeper at the statistics, the bank owned homes sold have a price differential of 98.82%, and the other types of sellers are at 93.60% of list. During the extra days on the market the sellers were chasing the market with price reductions until they finally get their homes price to match the market, and then like magic they sell! This is good, but not great. One thing that happens in this scenario is that the buyer sees that the home has been on the market 100 days or more and decides that the seller must be motivated to take less. This generates a lower offer, thus the 93.60% price differential.
First impression of value creates a sense of urgency in buyers, once lost the buyer assumes you are over priced. If not, why didn’t someone put in an offer?
If you would like to discuss the Big Bear Real Estate market, please give me a call.
I can show you any home for sale in Big Bear.
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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