Big Bear Real Estate Market Snapshot for the Month of September 2017
Market Wide Summary
The median sales price of single family homes in September increased by 14% compared to the previous month, and year-to-date was 2% above where it was January-September of last year. Average sales price was up 11% from last month, and was 5% higher YTD compared to what it was over the first 3 quarters of 2016.
List Price vs. Sale Price and Days on Market
Properties sold in September went for 98% of the asking price; same as in August. The average list to sell price ratio is also at 98% year-to-date, compared to 97% over the first 9 months of 2016. Average marketing time in September was 103 days, up from 97 days on market over the prior month.
Big Bear Inventory Trends
Inventory was down month over month, which is typical as we head into fall. The total number of homes on the market in September was down nearly 9% versus the prior month, and was 17% lower compared to September 2016. There were also 19% fewer new listings in September than in August. The average monthly inventory year-to-date is 15% lower than it was Jan-Sept 2016. Bank-owned and short sale listings account for less than 0.5% of the current inventory.
Home Prices By Quarter
The graph below shows average and median home prices in each quarter since Q3 2012. We can see that home prices have risen fairly steadily over the last 5 years.