Market Wide Summary
Big Bear Real Estate market snapshot for the month of March 2019
The average sales price of single family homes in March decreased by 7% compared to the previous month, though the median sales price was up 5% from February. The average price over Jan-Mar 2019 was 5% higher compared to the average over the first quarter of 2018.
List Price vs. Sale Price and Days on Market
Properties sold in March went for 97% of the asking price after 114 days on market on average, compared to 97% and 103 DOM in February. The list-to-sell price ratio was 98% on average over Jan-Mar 2018.
Big Bear Inventory Trends
Total inventory* was down 6% month over month, though there were 70 more new listings in March than in February. The total number of homes on the market last month was about 14% more than it was in March 2018.
*Total listed inventory numbers as of the 15th of each month.
Home Prices By Quarter
The graph below shows average and median home prices in each quarter over the past 5 years. We can see that home prices have risen fairly steadily over the last several years. Values have gone up over the past 2 quarters, after a decline in prices from Q4 2017 to Q3 2018. It is interesting to note that average sold price in the first quarter of this year was 36% higher compared to the same period 5 years ago, and median sold price was a whopping 60% higher than it was compared to Q1 2014!
*Data derived from Big Bear Association of REALTORS®, Inc. (BBV) MLS. Information herein deemed reliable but not guaranteed.