Big Bear Real Estate Update for September 2013
by Bob Angilella
Say good bye to summer as we approach one of the most beautiful times of the year in Big Bear Lake, autumn! As I reflect back on this past summer for Big Bear Real Estate, I had mentioned that we had a slight appreciation in Big Bear real estate values of about 6 to 8% for the past 6 months. The appreciation has begun to slow and to settle and frankly, I am very happy about that! With the rise in interest rates to an average of 4.5%, our market appreciation has cooled off just a bit and so has the rest of the southern California market. However, the buyers have not cooled off! We are extremely busy with real estate sales in Big Bear right now, averaging 26 escrows this month alone.
The average sale for my team is in the $ 350k range, with buyers still negotiating list price yet, informed enough that if a home is priced right, they negotiate with the list price in mind and offer full price, especially if the house is newly on the market. As of September 1, 2013 our Big Bear MLS inventory still remains tight at approximately 550 active listings. We have approximately 185 pending sales, which represents 25% of the total listings that are in escrow. In addition, the days on the market (DOM) have dropped to an average of approximately 87 days.
I expect the big bear real estate market will continue to be busy through the end of the year. The 4th quarter should be brisk with prices remaining stable, inventory remaining average and new listings arriving every day. The interest rate of 4.5 % (as of September 1, 2013) still represents a 25 year low! Now would be the time to search for Big Bear property if you have been considering Big Bear lake real estate.
Thanks again for checking in and I look forward to seeing you in Big Bear Lake. If you have any questions, just contact me direct, we are here to help. Please feel free to search our Big Bear MLS and please remember, we are Big Bear’s Top Producing team and we are ready to serve your real estate needs in Big Bear Lake. Thank you!
Bob Angilella
