Q1 Market Report - Fox Farm
Fox Farm Area Market Trends
Every three months, I will post detailed quarterly market trend tables made from three year graphs, for the Total Big Bear Area and 10 Sub Areas. Using the tables and graphs I will report the trends of Market Prices, Sales vs Active Listings, and Expired Listings and summarize what they mean to the current and future Total Big Bear Area and 10 Sub Areas Real Estate Markets. This section is for the Fox Farm Area. The following analysis is a detailed but easy to understand examination of these market trends.
The following stats have 2 sections. Section 1 up to $800,000 property value and Section 2 $800,000 and up, the Luxury Market. This seems to be the most accurate price range to split the market. If you want to just get the short version of the market in the Fox Farm Area, you can skip to the bottom of Section 1 and Section 2 and read the Overall Summary.
Section 1 Notes: The Castle Glen, Eagle Knolls and Eagle Point Areas are not included in section 1 stats due to the fact that there aren’t any sales under $800,000 in these areas.
Section 2 Notes: The possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market.
Section 1 up to $800,000
Market Prices
Last Quarter Market Trends Surprisingly, the 2024 average monthly price for the first quarter of $665,667 was up $53,167 from the 2023 fourth quarter average monthly price of $612,500.
1 Year Market Trends The 2024 average monthly price for the first quarter of $665,667 was up $21,667 from the 2023 first quarter average monthly price of $644,000.
3 Year Market Trends The 2024 average monthly price for the first quarter of $665,667 was down $34,333 from the 2022 first quarter average monthly price of $700,000.
Area Ranking The 2023 fourth quarter average monthly price of $665,667 gives the Fox Farm Area a ranking of 1st which is highest in price out of the 7 sub areas for this price range for the Total Big Bear Market. We also see in this quarter the Fox Farm Area has a $176,667 higher average monthly price compared to the Total Big Bear average monthly price of $489,000.
Total Big Bear Area $489,000
The sub areas ranked as follows:
Fox Farm $665,667
Moonridge Area $617,667
Big Bear Lake Area $572,667
Lake Front Area $531,333
Fawnskin Area $504,500
Big Bear City $461,667
Snow Summit Area $422,500
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have not affected prices in this price range in a negative way with prices up $53,167. When compared to 1 year ago prices are up $21,667. And when compared to 3 years ago prices are down $34,333. Prices have had a steady increase and almost made up for the price loss that we had since the peak of 3 years ago. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down. .
If you want to know what your Fox Farm cabin is worth in this price range, contact me to get a more detailed market analysis that takes into consideration the number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition, Views and location.
Sales vs Active Listings (supply and demand)
Last Quarter The first quarter of 2024 had average monthly sales of 2 per month. Which was a increase of 1 sales per month when compared to the sales of 1 per month for the fourth quarter of 2023. The average number of listings per month for the first quarter of 2024 was 7 which is 5 per month less when compared to the 12 average monthly listings for the fourth quarter of 2023.
1 Year Average The first quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 1 sales per month when compared to the sales of 3 per month in the fourth quarter of 2023. The average number of listings per month for the first quarter of 2024 was 7 which is 2 per month more when compared to the 5 average number of listings for the first quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 1 sales per month when compared to the sales of 3 per month in the first quarter of 2023. The average number of listings per month for the first quarter of 2024 was 7 which is 1 per month more when compared to the 6 average monthly listings for the first quarter of 2022.
Sales vs Active Listings Summary These numbers show us that compared to last quarter the economic influences of higher rates and inflation have not affected sales and listings in a negative way with sales up 1 and listings down 5. And when compared to to 1 year ago sales are down 1 and listings are up 2. And when compared to 3 years ago sales are down 1 and listings are up 1. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down but the Fox Farm area is usually in high demand so prices might continue to rise.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Fox Farm Area, the sales to expired ratios for the last three years have been at a good level with sales and expired listings at a 1:1 Ratio. Where a 1:1 ratio is considered a good ratio for a stable market.
up to $800,000 Overall Summary
Market Prices in the first quarter of 2024 there was an increase in Price of $53,167 in average monthly price compared to the average monthly price for the fourth quarter of 2023. This was not expected. There was also a increase in price of $21,667 from 1 year ago and a decrease in price of $34,333 from 3 years ago.
Sales and Listings in the first quarter of 2024 there was a average monthly increase in sales of 1 per month and a decrease of 5 listings per month, compared to the fourth quarter of 2023. There was also a decrease of 1 Sales per month and a increase of 2 listings compared to 1 year ago. We also had a decrease of 1 sales per month and a increase of 1 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 ratio which is an indicator of a steady market.
These numbers show us that the economic influences of higher rates and inflation have not affected prices, sales and listings in this price range in a negative way.
When looking at the data of the Fox Farm Area the two big areas of market influence to watch are of course the economy and the number of listings that come on the market. A worse economy and or a large increase of listings without an increase in sales might put a lot of pressure on prices to fall, except the Fox Farm area has always had a very high demand which has keep prices high. That is why this area is rated number 1 in price. This will also cause cabins to be on the market longer, which will put additional pressure on prices. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same.
Section 2 $800,000 and up (Luxury Market)
Market Prices
Last Quarter Market Trends Surprisingly, the 2024 average monthly price for the first quarter of $1,188,000 was down $2,000 from the 2023 fourth quarter average monthly price of $1,190,000.
1 Year Market Trends The 2024 average monthly price for the first quarter of $1,188,000 was up $6,333 from the 2023 first quarter average monthly price of $1,181,667.
3 Year Market Trends The 2024 average monthly price for the first quarter of $1,188,000 was down $17,333 from the 2022 first quarter average monthly price of $1,205,333.
Area Ranking The 2024 first quarter average monthly price of $1,188,000 gives the Fox Farm Area a ranking of 3rd highest in price out of the 10 sub areas for this price range, for the Total Big Bear Market. We also see in this quarter the Fox Farm Area has a $30,667 higher average monthly price compared to the Total Big Bear average monthly price of $1,157,333.
Total Big Bear Area $1,157,000
The sub areas ranked as follows:
Castle Glen Area $1,583,667
Snow Summit Area $1,200,000
Fox Farm Area $1,188,000
Big Bear Lake Area $1,109,000
Big Bear City $1,100,000
Lake Front Area $1,087,333
Moonridge $920,000
Eagle Point/Estates $875,000
Eagle Knoll $0
Fawnskin $0
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates, inflation and probably a victim of a wide price swing for the quarter have affected prices in a negative way with prices down $200,000. When compared to 1 year ago prices are up $6,000. And when compared to 3 years ago prices are down $17,333. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down.
Remember the possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market. See the first graph below “Historic Sales Price Trend $800,000+”.
If you want to know what your Fox Farm cabin is worth in this price range, contact me to get a more detailed market analysis that takes into consideration the number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition, Views and location.
Sales vs Active Listings (supply and demand)
Last Quarter The first quarter of 2024 had average monthly sales of 3 per month. Which was a increase of 1 sales per month when compared to the sales of 2 per month for the fourth quarter of 2023. The average number of listings per month for the first quarter of 2024 was 2 which is 2 per month less when compared to the 15 average monthly listings for the fourth quarter of 2023.
1 Year Average The first quarter of 2024 had average monthly sales of 3 per month. Which is the same amount of sales per month when compared to the sales of 3 per month in the first quarter of 2023. The average number of listings per month for the first quarter of 2024 was 13 which is 2 per month more when compared to the 11 average number of listings for the first quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 3 per month. Which was a decrease of 3 sales per month when compared to the sales of 6 per month in the first quarter of 2022. The average number of listings per month for the first quarter of 2024 was 13 which is 2 per month less when compared to the 15 average monthly listings for the first quarter of 2022.
Sales vs Active Listings Summary These numbers show us that compared to last quarter the economic influences of higher rates and inflation have not affected sales and listings in a negative way with sales up 1 and listings down 2. And when compared to to 1 year ago sales are the same and listings are up 2. And when compared to 3 years ago sales are down 3 and listings are down 2. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down.
It is also worth noting that during 2019 and before we were lucky to have 2 or 3 sales in three months in this price range for the Total Big Bear Area market. Where in the first quarter of 2023 the Fox Farm Area averaged 3 Sales per month.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Fox Farm Area, the sales to expired ratio for the last three years have been at a good level with sales and expired listings averaging close to a 1:1 ratio. And a 1:1 ratio is considered a good ratio for a stable market.
$800,000 and up Luxury Overall Summary
Market Prices in the first quarter of 2024 there was an decrease in Price of $2,000 in average monthly price compared to the average monthly price for the fourth quarter of 2023. This was not expected. There was also a increase in price of $6,333 from 1 year ago and a decrease in price of $17,333 from 3 years ago.
Sales and Listings in the first quarter of 2024 there was a average monthly increase in sales of 1 per month and a decrease of 2 listings per month, compared to the fourth quarter of 2023. Sales were the same per month and a increase of 2 listings compared to 1 year ago. We also had a decrease of 3 sales per month and a increase of 2 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 which is an indicator of a steady market.
These numbers show us that the economic influences of higher rates and inflation have not affected prices, sales and listings in a negative way. The Fox Farm Area in this price range is having a steady market.
When looking at the data of the Fox Farm Area the two big areas of market influence to watch are of course the economy and the number of listings that come on the market. A worse economy and or a large increase of listings without an increase in sales might put a lot of pressure on prices to fall even more. This will also cause cabins to be on the market longer, which will put additional pressure on prices. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same.