Being a Realtor in Big Bear, I get asked that question often. Real Estate is local and just like the weather, Big Bear is unique.
The short answer is that we have some good news for sellers.
Currently we have a low inventory of active listings (608 units). With 198 listings that are pending, contingent, or active contingent (short sales waiting for bank approval). These numbers are good news for sellers, last year we had less pending and more active.
Year to date we have had 357 closed residential sales, compared to 312 over the same period in 2011. (14.4% increase) Good news for sellers.
Valley wide the average price sold was $240,468 this year versus $240,023 last year. (flat) Price per square foot this year is $140.19 versus $150.33 last year. (6.74% down)
Not great news for sellers, but the average price sold is holding.
We still have a large percentage of cash buyers, with this years sale YTD having 31.6% cash versus last year YTD 36.5%
The price differential is still holding at 95% list to sale price.
Distressed properties (foreclosures and short sales etc) made up 46% of the closed sales this year compared to 48% last year YTD. Traditional sellers are still the top category here in Big Bear.
If you would like to discuss the Real Estate market here in Big Bear, please give me a call.
Steve Hirschler
909 725 5889