50 degrees and sunny today!
From January 2010 to February 2010, the average and median prices of Big Bear homes showed appreciation, while comparisons to 2009 values show just how much the market has fallen over the past year. The one consistent measure is that the number of sales has moderately and consistently increased across the board.
Comparing January 2010′s sales to February 2010′s sales, there was an 18% increase in average sale price and an 11% increase in median sale price. The number of sales from last month also rose by 8%.
Comparing February of 2010 to February of 2009, average price dropped 13% while the median price saw a 16% fall. Sales, although, saw a 7% increase.
In the Year-To-Date comparison, comparing January and February of 2009 to January and February of 2010, average prices have dropped 16% while the median has dropped a significant 27%. The number of sales though has moderately increased by 8%.
These numbers show how Big Bear real estate prices have continued to fall over the last year, but at slower rates than the previous year. The number of sales has continued to improve, while inventory (as mentioned in a previous post) has fallen dramatically.
Although a mixed message for the Big Bear real estate market, as long as Big Bear home sales increase and inventory stays at today’s numbers, it only makes sense that property values should bottom out. But like all areas of the economy right now, no one is brave enough (or idiotic enough) to predict with certainty what the next few months will bear. The one thing I can say relatively certainly, is that numbers-wise, we sure seem in a better place than we did this time last year when inventory was 50% higher and two years ago when the number of sales were 30% fewer.
(If you have any questions or comments about this blog post or Big Bear real estate in general, please contact me at info@Zamoyta.com )