Fresh snow means good things for the local economy!
The number of sales are down 6% this November, from 94 last month to 88 this month. This decline is expected and is a seasonal occurence.
When comparing November 2008 to November 2009, sales are up from 50 to 88, for an increase of 76%. But prices still show year-to-year declines, with the median home price falling from $240,287 to $222,450 resulting in a 7% drop. The average sales price fell from $329,953 to $262,153 from November 2008 to November 2009 resulting in a 20% drop in values.
As far as year-to-date sales, sales so far in 2009 are up almost 30% over 2008, while the average and median prices have both fallen 17% respectively.
Overall, the market seems to be continuing down the road of stabilizing. Price declines have slowed and shown signs of increase over the past few months while sales remain significantly higher than last year.
Although there has been a record number of Notices Of Default filed suggesting more foreclosures will hit the market, it seems like banks are patiently controlling releasing these foreclosed homes onto the market for sale. Many of these homes in default are modifying their loans as well, successfully preventing foreclosure.
The competency with which the banks have controlled the flow of foreclosures suggests to me that prices may have stabilized more than many had predicted in wake of the increases in Notices Of Default. So long as the banks can financially control inventory and work with homeowners in modifying their mortgages, we should see continued stability in the market.
If you have any questions regarding the Big Bear real estate market, or are looking to buy or sell property in Big Bear, please don’t hesitate to contact me:
Paul Zamoyta ~ (909)557-8285 ~ info@Zamoyta.com