Big Bear Real Estate Market Wide Summary – 2017
The Big Bear real estate market continued to have significant growth in 2017. The average sales price of single family homes increased by 8% compared to 2016. Median sales price was up 6%.
List Price vs. Sale Price and Days on Market
Properties sold in 2017 went for 98% of the asking price after 110 days on market on average, compared to 97% and 102 DOM in 2016.
Big Bear Inventory Trends
The total average inventory continued to decline, down 18% from 2016. The below graph shows average inventory and new listings by month over the past 2 years.
There were 1,432 sales in 2017, a 23% increase from the 1,165 transactions closed in 2016. The below graph shows the number of sales over the past 2 years broken down by month.
Average Sold Price per Square Foot by Area
See below for a breakdown of average sold price per square foot by area. Big Bear Lake West sold for the highest price per sq ft with Fawnskin coming in next.
Sold Price Range
29% of homes sold went for under $200,000 market wide in 2017. 50% sold between $200-400K. Only 8% of homes sold for $600,000 or more.
Home Values in 2018
In 2017, average sales price increased from the prior year by about 8% market wide. Real estate data aggregator Zillow predicts that home values will rise another 5.5% within the next year. With relatively low inventory and increased demand, we could possibly see values go even higher in 2018.