Sales of Big Bear homes continue to rise as there was a 14% increase in the number of homes sold in the first quarter of 2010 when compared to the first quarter of 2009.
In comparing Q1 of 2009 to Q1 of 2010 for pricing though, there were drops of 14% and 10% respectively in the average and median prices. This should not come as a surprise as most followers of the local real estate market realize that prices have continued to slide, albeit more slowly, over the past year. The silver lining is that this year’s annual drop is about half of what it was the previous year.
As you look at the graph, prices have been bumping up and down from quarter to quarter with the overall direction being downward for most of the last two years.
The good news is that it looks as if prices are starting to do the proverbial “bumping along the bottom”. When you consider the last three quarters, you can see that the low points start to show an upward trend in pricing. In that regard, you could even make a case that things are starting to bump up.
With home inventory almost 50% lower than last year, the number of Big Bear home sales slowly but consistently increasing, and with aggressive government sponsored loan modifcation efforts set to begin on April 5th that aim to keep people in their homes and out of foreclosure, there are more than a few hopes to hang your hat on.
I’m not calling a turn-around yet, but the signs sure are looking better.
Paul Zamoyta ~ (909) 557.8285 ~ info@Zamoyta.com