Big Bear Real Estate

I’ve talked about this topic before.

Here’s another example.

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Big Bear Home Sales

Home sales in Big Bear rose over 37% in June when compared to the May numbers (77 v. 56), and over 24% when compared to June 2008 (77 v. 62). This is great news for the Big Bear real estate market.  In fact, June was the best month for home sales that we have seen since Sept. 2008.

25, or 32%, of the 77 home sales in Big Bear were bank owned. This is a little higher than last month, but still well below the 50% mark we were seeing earlier in the year.  5 of the sales, or 6%, were short sales. That means 47, or 62%, of the sales in June 2009 were “organic”, or traditional sellers – another strong months for them.

It will interesting to see how the rest of the year plays out.  There is without a doubt still a large number of foreclosure properties that will be hitting the market.  The effect they have on the  number of sales & pricing is yet to be seen.

Big Bear Home Prices

For the fourth straight month the median sales price in Big Bear has gone up. More importantly though, for the first time in well over 2 years, the median sales price increased when compared to the same month the year before.

The median sales price in June was $265,000, 13% higher than last month and a modest, yet significantly important, 7% increase from June 2008. (See the chart below for the historical median prices).

If this continues to happen, it could be the sign of a market bottom or stabilization.  But, with all the foreclosures still coming up, along with the job losses, I don’t see prices continuing to rise that much.  Every month is a new story. Continue Reading »