Is the Big Bear Real Estate Market Stabilizing?

Wow, it continually amazes me how time flies. It is hard to believe summer is already winding down. Let’s get caught up on the happenings in the Big Bear real estate market shall we?

Overall the real estate market in Big Bear has shown a decrease in available inventory and an increase in overall demand.

We are seeing multiple offers quite often on aggressively priced listings. Most of this activity remains in the lower price ranges as financing for loans over $417,000 for second homes in San Bernardino County remains an issue.

There are, however, a few cash buyers jumping in at the upper end of the market as there are certainly some great…

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Signs of Stabilization in Big Bear Real Estate

My Dad used to tell me “it is better to be chasing your tail than twiddling your thumbs,” and for a lot of Big Bear real estate agents, myself included, that recently has been the case. The Big Bear real estate market has been gaining momentum this spring and that speaks well for the chances of having a busy summer selling season as well.  It has been very refreshing to see so much demand for nice, well-priced homes in Big Bear.  Recently three well-priced, newer, log-style homes in Moonridge hit the market and sold in days -- and these were seller-owned, not bank-owned inventory. Buyers interested in Big Bear real estate seem to have grown increasingly optimistic that the economy will get better before too…

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Time Flies in Big Bear Real Estate

As we are already approaching the end of the first quarter (it's truly amazing how time flies), let’s check in on the Big Bear real estate market. Lately when folks ask me, "Mike, how is the market up in Big Bear?", I answer "it is unbelievable."  Which, although it is true, often leaves them guessing, so I will elaborate. 

For sellers, it is a tough market and only those seriously motivated to price well achieve a sale as a result. The competition from banks is increasing -- more to follow on that below -- and an extended time on the market, although commonplace, is extremely detrimental to the seller.

All this adds up to an amazingly favorable position for buyers and, as the numbers illustrate, many buyers are…

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The January Effect Hits Big Bear Real Estate

With January in the books and winter back in full force here in Big Bear, let’s take a look at how Big Bear real estate started off 2009. Overall for the Big Bear real estate market, January of 2009 was much improved when compared to how 2008 started off. The total number of residential closings was up 60%.  Sales under $250k were up a whopping 86% and between $250k-$500k they were up 89%. This strong showing in January provides a great indicator that the number of Big Bear real estate transactions will be up in 2009.

   

 

It is great to see signs of an increasingly healthier market as prices for the most part have come down to…

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Interest on the Rise for Bank Owned Foreclosures in Big Bear

The Big Bear real estate market has seen increased interest and activity in bank owned property and foreclosures. This makes perfect sense as the active foreclosure inventory is often priced well below current market value.

Bank Owned Real Estate aka Big Bear Foreclosures - June through December 2008

Of the 459 residential transactions that closed in this time period, 117 or 25% were bank owned foreclosures. (However, see below as now roughly 40% of what is currently in escrow is a bank owned foreclosure.)

  Bank-Owned Properties as a percentage of overall transactions are both significant and on the rise...

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The "Perfect Storm" of 2008 Will Be Hard to Forget

For Big Bear real estate, 2008 was a year that will certainly be hard to forget. The analogy of a 'perfect storm’ comes to mind in trying to describe the array of unprecedented events that transpired last year. For real estate in Big Bear the year started out slower than molasses on a very, very cold day. The deed recordings for January (44) and February (43) were roughly half those of 2007 which, by historical standards, was also a very slow year for sales. The 10-year averages from 1997 through 2006 for deed recordings in both January and February are 133 and 134, respectively. The 20-year averages from 1987 through 2006 are 126 and 121, respectively. So, the first two months of 2008 were roughly 65%…

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Winter Arrives in Big Bear with a Bang

The wait for winter is over!! Snow has been falling in Big Bear all day with at least 15 inches of new snow on the ground at lake level, much more up at the top, and it is still coming down as I write this late Monday evening. They predict another substantial storm to roll though late Tuesday into Wednesday so we could easily have two feet or more of snow on the ground before this weekend. That should make for a fantastic holiday season.

 

Big Bear Real Estate: Strong Winter may lead to nice "January Effect"

While the holiday season is typically a relatively slow time for Big Bear's real estate market, with so many visitors up to enjoy our alpine paradise in the weeks to come, many will no doubt fall in love with…

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Hello to all those interested in Big Bear real estate. I hope your Thanksgivings were all fun-filled feasts spent with family and good friends. I believe at this point I have eaten turkey in more ways, a blender was involved at one point, than I ever thought imaginable.

Let’s catch up on what is happening in the Big Bear real estate market.

Some interesting numbers to report from October:  Closings were up compared to last year at this time in ALL prices ranges. (I sort these in increments of $250k for reporting.) We had become accustomed to seeing sales under $250k increase for some time. This trend started back in June of this year and aside from August, which was flat, all months since have shown a dramatic increase in buyer demand. In fact…

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