Year end inventory of residential homes available in Big Bear is 678 units. Sales of residential homes for the year were 872 (669 in 2008 +30 %) . This gives us a 9.34 month supply at this rate of sale. When I broke down the price ranges of homes available and homes sold these are the numbers.
2009:
- Homes under $300,000 / active inventory 357 units / units sold in 2009 = 602 / 7.11 month supply
- Homes $300,000 – $700,000 / active inventory 210 units / units sold in 2009 = 222 / 11.3 month supply
- Homes over $700,000 / active inventory 112 units / units sold in 2009 = 48 / 28 month supply
- Homes in the highest price range (over $700,000) have 16.5 % of the inventory, but make up only 5.5% of the unit sales.
- Homes $300,000 – $700,000 have 31% of the inventory, and 25% of the sales.
- Homes under $300,000 have 41% of the inventory and have created 69% of the sales in 2009.
In 2008 the picture was different:
- Homes in the highest price range (over $700,000) made up 7.3% of the unit sales.
- Homes $300,000 – $700,000 contributed 33% of the sales.
- Homes under $300,000 were 59% of the closed escrows.
Unit sales have gone up 30% in 2009, but for the mid and upper price ranges they are down. I think in 2010 we will see more foreclosures in the higher price ranges than we have in 2009. This will require traditional sellers in the higher price ranges to reduce their list prices if they want to sell. Homes in the the lowest price may see prices stabilize in 2010.