Market Wide Summary
There is a continuing trend of rising property values in the Big Bear area. The median sales price of single family homes in January increased by 9% compared to the previous month and is 31% higher than it was in January of last year. Average sales price is up 20% from January 2014. Property values increased year over year in all four zip codes in Big Bear. It was forecasted by the California Association of Realtors that property values across the state will continue to rise this year and next.
List Price vs. Sale Price and Days on Market
Properties sold in January went for 97% of the asking price after 117 days on market on average, up from 95% and 140 DOM in December and 96% and 114 DOM in January of last year.
Big Bear Inventory Trends
Inventory in January was down 14% versus the prior month, though was up 21% versus last year. The current inventory is 35% lower than it was in August, and is less than half of what it was 5 years ago. Distressed listings, bank-owned and short sales account for 4% of the current inventory.
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