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How’s the Real Estate Market in Big Bear? -July 2011

by admin on July 11, 2011
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37% of all sales in 2011 have been cash sales in the Big Bear area (145 out of 397).

Total Residential Homes Currently on the Market: 868
Total Residential Sales YTD in 2011: 397
Homes Sold under $300,000 YTD in 2011: 313 (79% of all sales)

Bank Owned Homes Currently For Sale: 77
Bank Owned Homes Sold YTD in 2011: 139

Short Sale Homes Currently For Sale: 65
Short Sale Homes Sold YTD in 2011: 56

Lakefront Homes Currently For Sale: 37
Lakefront Homes Sold YTD in 2011: 7

Vacant Land Currently On The Market:  373 parcels
Vacant Land Sales YTD in 2011: 32 parcels

Average Days On Market: 119

The lower end is dominating the market. Buyers/Investors are looking for a deal and they’re being conservative with their purchases. 37% of all sales have been cash sales.   As the old saying goes, “Cash is King”.  My guess is the buyers buying in Big Bear are choosing to pay cash because they want to hedge against inflation (the US dollar is getting weaker and weaker).  Or maybe buyers think it’s going to be another 4 or 5 years before we see any real change in the real estate market so why not keep your debt service low?

Focusing on different price ranges, I think it’s important to note that almost 80% of all sales in Big Bear so far in 2011 have been under $300,000.  Many of the clients I meet can afford much more, but they understand that they don’t necessarily need much more.  There’s a lot of value in the $100,000 to $300,000 range right now.

A lot of buyers are looking for foreclosures.  As you can see from the stats, foreclosures are only 9% of the current inventory for sale in Big Bear, yet they make up roughly 35% of all sales year-to-date.  So we’re seeing lots of multiple offers.  Yes, there’s a lot of real estate signs out there, but most buyers are gravitating towards the same “deals”.  It’s not uncommon to have 3-5 buyers competing against the same property.


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