Summary
Lots of details and graphs below, but if you prefer the short version, this bullet point section gives the highlights.
There are 286 homes in-escrow, (this is a very high number and represents by far the most in recent history).
There are 285 listings available for sale.
A Business Insider article dated June 12, 2020 listed Big Bear Lake as the #1 Airbnb destination in the USA. That's particularly of interest because in normal years June is a fairly slow month for visitors in the area. The normal summer high-season doesn't begin until after July 4th each year. Click here to view the article.
In the month of June 2020:
272 homes went into escrow. With the current number of active listings available, there is a 1-month supply of homes. That's unprecedentedly low, which generally represents a seller's market.
137 homes sold
Median Days on Market (DOM) was 78
Average DOM was 102
Days on Market for homes listed more recently (from May 1, 2020 forward) are 32 at the median, and 31 on average. Meaning that for homes new to the market, sales are moving fast.
The average sold price was $334,348 a 12.89% decrease from 2019
The median sold price was $292,500 a 5.64% decrease from 2019
Big Bear is suddenly a very fast-paced market where supply is not keeping up with demand. Prices have lagged over 2019 but with low inventory prices generally rise, so that may change quickly.
Are Homes Selling in Big Bear During the COVID-19 Pandemic?
Yes, and quite well. The graph below represents the number of escrows opened in any given month since March 2020. As was to be expected with shelter-in-place orders at the beginning of the COVID-19 pandemic, sales slowed. What has been surprising is that since mid-May the number of homes going into escrow has skyrocketed, with 272 homes going into escrow in June. We now have more homes in-escrow than any time since September 2013, when there were approximately 193 homes in escrow. It's likely that some of this is pent-up demand but the number of homes going into escrow isn't slowing, so it's likely that the demand is higher than usual. There are lots of anecdotal stories about people wanting to escape from cities during the pandemic and that seems to be bearing out in Big Bear as well as other rural towns, as reported by CNN.
June 2020 saw 137 homes sold in Big Bear versus the 100 that sold in 2019, an increase of 137%. Again, this could point to pent-up demand but the number of homes going into escrow on a weekly basis isn't slowing at the moment. Although with inventory very low, the pace might not be sustainable unless current homeowners decide to sell.
How is the Inventory?
The number of homes being listed each month has increased since the lull in March and April but is still not on-pace with the numbers seen in 2019 and is far below demand.
May 2020 showed a 24.33% decrease in the number of homes listed as compared to 2019
June 2020 showed a 23.45% decrease in the number of homes listed as compared to 2020
What are Average Days on Market & List Price to Sales Price Ratio for Big Bear Real Estate?
June 2020 Market Snapshot
Days on Market (DOM)
Median 78
Average 102
Sales Price to List Price Ratio (SP/LP).
These are fairly typical numbers for the Big Bear real estate market, homes usually sell within 2% of listing price.
Median 98.60%
Average 98.26%
Max 115.72% (represents the highest amount over asking price)
Min 88.70% (the lowest price below asking price)
May 2020 Market Snapshot
Days on Market (DOM)
Median 65
Average 119
Sales Price to List Price Ratio (SP/LP).
These are fairly typical numbers for the Big Bear real estate market, homes usually sell within 2% of listing price.
Median 97.71%
Average 96.93%
Max 112.53% (represents the highest amount over asking price)
Min 84.68% (the lowest price below asking price)
Comments