Market Wide Summary
Big Bear Real Estate market snapshot for the month of March 2017
The median sales price of single family homes in March increased by 10% compared to the previous month. The average sales price was up 2% from February, and was 5% higher compared to the average sale price over the first quarter of 2016.
List Price vs. Sale Price and Days on Market
Properties sold in March went for 97% of the asking price after 132 days on market on average, compared to 97% and 85 DOM in February. The list-to-sell price ratio was also 97% on average over Jan-Mar 2016.
Big Bear Inventory Trends
Total inventory was up 3% month over month, though there were 73 more new listings in March than in February. The total number of homes on the market last month was about 22% less than it was in March 2016. Distressed listings, bank-owned and short sales, continue to account for about 1% of the current inventory.
Home Prices By Quarter
The graph below shows average and median home prices in each quarter since Q1 2012. We can see that home prices have risen fairly steadily over the last several years. It is interesting to note how significantly prices dipped in the second quarter of 2015 and then continued on a mostly upward trend for the rest of 2015, 2016, and the first quarter of this year.
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