Big Bear Real Estate: Market Momentum
Year-End 2009 Report
Winter is in full effect here in Big Bear. Lots of new snow is
coming down to kick off 2010. Does the rough weather make for a
rough real estate market in Big Bear? I commented in
my last blog about the momentum in the Big Bear real estate
market heading into the New Year and the absence of signs of
the usual seasonal slowdown in sales we typically see during the
winter months. An interesting article yesterday in the “The LA
Times” reported that this trend is indeed proving to be the case in
real estate markets all over Southern California. We have lots to
cover, so let’s take a look at the numbers affecting the
Big Bear real estate market
and project what those indicate going forward, shall we?
Currently there are 659 active residential homes listed for
sale in the Big Bear Valley. This number has decreased 47% from
mid-summer last year when there were roughly 1,250 active listings.
There are currently 135 homes in escrow, which leads to an
absorption rate of a whopping 20%. This rate, which shows there is
currently just under 5 months of inventory on the market, has
nearly doubled from the 10% - 12% we saw for much of 2009. This
tight supply and increasing demand has led to a more competitive
market for buyers. For the best cabins in the best locations it is
progressively more common to see multiple offers within just
a few days of a property hitting the market and also to
see properties selling well above their list prices.
What is interesting to note, is that these hot properties are not
all owned by banks. Re-sale listings, when priced well, are drawing
more and more attention too, as they often do not require as much
refurbishing. As a buyer in this market it is essential to
work with an agent like myself with the expertise to successfully
navigate these types of situations in order to not end up paying
too much and to also ensure the desired result. Feel free to
contact me for more information on
this.
We have been reporting on the trends showing stabilization in
the Big Bear real estate market in the later half of 2009 and are
now seeing more and more evidence that, on the lower end at least,
momentum is increasing going into 2010. Let’s take a look at what
transpired in 2009 in the Big Bear real estate market:
-
There were a total of 886 closed
residential sales. Re-sales made up 54% of those sales and
bank-owned properties accounted for 37%, leaving short sale
closings at 9% of the total. (Short sales are becoming more and
more difficult to close for many reasons, which at times, seem not
to make sense, but are in fact evident. Let me know if you want
more info on these types of sales.)
-
Most of the money changed hands
under $500k: 90% of all closed sales were under that mark and
60% were sold under $250k.
-
Also of note is the improving trend
in December monthly sales: in December of 2007 there
were 52 closed sales, in December 2008 there were 44, and
in December of 2009 there were 79.
-
There are currently 135 pending
escrows, of course not all are scheduled to close this month.
However, compared to January '07 closed sales of
54, January '08 of 30 and January '09 of
51, January this year is much busier.
Interest rates, for now at least, are still historically low and
prices are at times astounding. So if 2010 is the year you
intend to take the plunge and buy in Big Bear,
contact me regarding how best to make that happen. As always I
look forward to hearing from you or please fee free to
use Big Bear Real Estate @
www.RealEstate-BigBear.com as your source for current
information on the Big Bear Real Estate Market. Happy
hunting!
Big Bear Real Estate: Market Momentum
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