Single family residential sales finished out in 2014 at 866 total units. This is the least number of units closed in the past 10 years, and 26.98% fewer units than 2013. The 10 year average is 1615 units and in 2014 units closed were 45% less than the average. The interest rates are at all time lows, and that should be motivating buyers, not a contributor to slowing sales. Overall pricing in Big Bear was up 10% in 2014. Sellers continue to price properties with reach and based upon active comps ( a false indication of value). This increased the gap between buyers perceived value and sellers list price. I have noticed this for the past couple of years. These sellers have been on the sidelines during the downturn that we experienced from 2007 – 2012. They wanted to sell, but didn’t like the prices. Once they saw an increase in 2013, these sellers jumped back in the market hoping to sell. They priced their homes based upon what they wanted or needed. Agents took these listings due to lower inventories and the higher consumer confidence of 2013.
One thing that I have always said still holds true…There is no shortage of buyers for good deals, just a shortage of sellers that are willing to price their properties based upon market conditions. Big Bear sellers will net the best bottom line by pricing their property based upon accurate closed comps. Below are the statistics for my listings sold in 2014.
Two key things to take away from these statistics are:
- The average $SP/$LP ratio is 98%. (sales price to list price differential) vs 97% for all agents valley wide. Sellers that list with me net an average of one percent more.
- Average days on the market for my listings is 57. Sellers that list with me sell their home in 57 days average vs 100 days average for all agents in Big Bear. (43 days faster)
I can sell your Big Bear home for the highest price and in the shortest amount of time.