Market Wide Summary
Big Bear Real Estate market snapshot for the month of March 2018
The average sales price of single family homes in March decreased by 4% compared to the previous month. The median sales price was down 9% from February, though the median price over Jan-Mar 2018 was 17% higher compared to the median over the first quarter of 2017.
List Price vs. Sale Price and Days on Market
Properties sold in March went for 98% of the asking price after 98 days on market on average, compared to 98% and 104 DOM in February. The list-to-sell price ratio was also 97% on average over Jan-Mar 2017.
Big Bear Inventory Trends
Total inventory was up 11% month over month, and there were 24 more new listings in March than in February. The total number of homes on the market last month was about 6% less than it was in March 2017. Distressed listings, bank-owned and short sales, account for about 1% of the current inventory.
Home Prices By Quarter
The graph below shows average and median home prices in each quarter over the past 5 years. We can see that home prices have risen fairly steadily over the last several years. It is interesting to note that average sold price in the first quarter of this year was 37% higher compared to the same period 5 years ago, and median sold price was a whopping 72% higher than it was compared to Q1 2013!
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