Q2 Market Report - Big Bear City
Big Bear City 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 Big Bear City 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 Big Bear City Area, you can read the Overall Summary of both price ranges before section 1.
Section 1 notes: the Castle Glen, Eagle Knolls and Eagle Point/Eagle Point Estates 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.
Up To $800,000 Overall Summary
Market Prices in the second quarter of 2024 there was an decrease in Price of $23,000 (-5%) in average monthly price compared to the average monthly price for the first quarter of 2024. There was also a decrease in price of $17,000 (-4%) from 1 year ago and a decrease in price of $74,000 (-17%) from 3 years ago at the price peak.
Area Ranking The 2024 second quarter average monthly price of $436,000 gives the Big Bear City Area a ranking of 7th 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 Big Bear City Area has a $12,000 (-3%) lower average monthly price compared to the Total Big Bear average monthly price of $448,000.
Sales and Listings in the second quarter of 2024 there was a average monthly decrease in sales of 7 per month and a increase of 25 listings per month, compared to the second quarter of 2024. There was also a increase of 6 Sales per month and a increase of 28 listings compared to 1 year ago. We also had a increase of 3 sales per month and a increase of 18 listings per month compared to 3 years ago.
Expired Listings have been steady at a ratio of 1:1 and 1:2 as normal. With all the new listings we will see how long that lasts. We should see a higher ration of expired listings this fall and winter.
These numbers show us that the economic influences of higher rates and inflation have affected prices, and had a negative affect on sales and listings. Prices have gone down from the peak prices of 3 years ago in this price range.
When looking at the data of the Big Bear City Area the two big areas of market influence to watch are of course interest rates and the number of listings that come on the market. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a normal level which should at least stop prices from going down any further?
$800,000 And Up Luxury Market Overall Summary
Market Prices in the second quarter of 2024 there was an decrease in Price of $19,000 (-2%) in average monthly price compared to the average monthly price for the first quarter of 2024. There was also a increase in price of $127,000 (+13) from 1 year ago and a decrease in price of $19,000 (-2%) from 3 years ago from the price peak.
Area Ranking The 2024 second quarter average monthly price of $1,100,000 gives the Big Bear City Area a ranking of 5th 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 Big Bear City Area has a $57,000 (-4%) lower average monthly price compared to the Total Big Bear average monthly price of $1,294,000.
Sales and Listings in the second quarter of 2024 there was a average monthly increase in sales of 1 per month and listings are the same per month when compared to the first quarter of 2024. There was also a increase of 1 Sale per month and a decrease of 1 listings compared to 1 year ago. We also had a increase of 1 sale per month and listings were the same at 8 per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 to 1:2. But there are so few sales and expired listings in this market at this price you should look at Expired listings in this price range for the Total Big Bear Market.
When looking at the data of the Total Big Bear Area the two big areas of market influence to watch are of course interest rates and the number of listings that come on the market. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a normal level which should at least stop prices from going down any further?
Section 1 Up To $800,000
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the second quarter of $436,000 was down $22,667 from the 2024 first quarter average monthly price of $459,000.
1 Year Market Trends The 2024 average monthly price for the second quarter of $436,000 was down $17,000 from the 2024 second quarter average monthly price of $453,000.
3 Year Market Trends The 2024 average monthly price for the second quarter of $436,000 was down $74,000 from the 2022 second quarter average monthly price of $510,000.
Area Ranking The 2024 second quarter average monthly price of $436,000 gives the Big Bear City Area a ranking of 7th 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 Big Bear City Area has a $12,000 lower average monthly price compared to the Total Big Bear average monthly price of $448,000.
Total Big Bear Area $448,000
The sub areas ranked as follows:
Fox Farm $655,000
Moonridge Area $560,000
Big Bear Lake Area $513,000
Fawnskin Area $487,000
Lake Front Area $483,000
Snow Summit $482,000
Big Bear City Area $436,000
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have affected prices in a negative way over the last quarter with prices down $23,000. When compared to 1 year ago prices are down $17,000. And when compared to 3 years ago prices are down $74,000 from their peak. Which is expected. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level?
If you want to know what your Big Bear City 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 second quarter of 2024 had average monthly sales of 19 per month. Which was a increase of 4 sales per month when compared to the sales of 15 per month for the first quarter of 2024. The average number of listings per month for the second quarter of 2024 was 103 which is 18 per month more when compared to the 85 average monthly listings for the first quarter of 2024.
1 Year Average The second quarter of 2024 had average monthly sales of 19 per month. Which was a increase of 6 sales per month when compared to the sales of 13 per month in the second quarter of 2023. The average number of listings per month for the second quarter of 2024 was 103 which is 28 per month more when compared to the 75 average number of listings for the second quarter of 2023.
3 Year Average The second quarter of 2024 had average monthly sales of 19 per month. Which was a decrease of 7 sales per month when compared to the sales of 26 per month in the second quarter of 2022. The average number of listings per month for the second quarter of 2024 was 103 which is 25 per month more when compared to the 78 average monthly listings for the second 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 in this area in a negative way with sales up 3, but listings are up 18. When compared to to 1 year ago sales are up 6 and listings are up 28. When compared to 3 years ago sales are down 7 and listings are up 25. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep sales at a high level?
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Total Big Bear Area, the sales to expired ratios for the last three years have been at a good level with sales and expired listings close to a 1:1 ratio. Where a 1:1 ratio is considered a good ratio for a stable market. Starting in October, and through March we stayed in a 1:2 ratio. This is a normal pattern. You can see from the graph this also happen before. So far we haven’t seen a surge in Expired listings but with the increase we just had in listings we may see a lot more expired listings. Which could put pressure on prices to go down.
We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level which would keep expired listing closer to a 1:1 ratio. Which should at least stop prices from going down.
Section 2 $800,000 and up (Luxury Market)
Because of the low amount of sales in this price range in the Big Bear City Area, there is statistically not enough turn over to give us accurate information on Market Prices, Sales or Expired Listings. A better Market indicator would be the Total Big Bear Luxury Market Section 2, but I will use the tables and graphs to try and give us an idea of the Big Bear City Area. Remember that these are upscale custom homes where a view or furnishings can make a big difference in price. Each Cabin must be analyzed on it's on merit.
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the second quarter of $951,000 was down $18,000 from the 2024 first quarter average monthly price of $970,000.
1 Year Market Trends The 2024 average monthly price for the second quarter of $951,000 was up $126,000 from the 2023 second quarter average monthly price of $825,000.
3 Year Market Trends The 2024 average monthly price for the second quarter of $951,000 was down $19,000 from the 2022 second quarter average monthly price of $970,000.
Area Ranking The 2024 second quarter average monthly price of $951,000 gives the Big Bear City Area a ranking of 8th 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 Big Bear City Area has a $343,000 (-27%) lower average monthly price compared to the Total Big Bear average monthly price of $1,294,00.
Eagle knolls didn’t have any sales in the first quarter of 2024.
Total Big Bear Area $1,294,000
The sub areas ranked as follows:
Fawnskin Area $2,080,000
Castle Glen Area $1,800,000
Lake Front Area $1,706,000
Fox Farm Area $1,401,000
Big Bear Lake Area $1,345,000
Snow Summit Area $1,080,000
Eagle Point/Estates $1,048,000
Big Bear City $952,000
Moonridge Area $941,000
Eagle Knoll $0
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have affected prices in a negative way with prices down $343,000. When compared to 1 year ago prices are up $1,294,000. And when compared to 3 years ago prices are down $19,000 from the price peak. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring prices back up to a higher level?
Remember the possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market. Especially in markets like Big Bear City Area where there are very little sales. See the first graph below “Historic Sales Price Trend $800,000+”.
If you want to know what your Big Bear City 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 or location.
Sales vs Active Listings (supply and demand)
Last Quarter The second quarter of 2024 had average monthly sales of 2 per month. Which was a increase of 1 sale per month when compared to the sales of 1 per month for the first quarter of 2024. The average number of listings per month for the second quarter of 2024 was 8 which is the same per month when compared to the 8 average monthly listings for the first quarter of 2024.
1 Year Average The second quarter of 2024 had average monthly sales of 2 per month. Which was a increase of 1 sale per month when compared to the sales of 1 per month in the second quarter of 2022. The average number of listings per month for the first quarter of 2022 was 8 which is 1 per month less when compared to the 9 average number of listings for the second quarter of 2023.
3 Year Average The second quarter of 2024 had average monthly sales of 2 per month. Which was a increase of 1 sale per month when compared to the sales of 1 per month in the second quarter of 2022. The average number of listings per month for the second quarter of 2024 was 8 which is the same per month when compared to the 8 average monthly listings for the second 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 by 1 and listings are the same. And when compared to to 1 year ago sales are up by 1 and listings are down by 1. And when compared to 3 years ago sales are up by 1 and listings are down 2. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep sales at a higher level?
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 2024 the Big Bear City Area averaged 1 Sale per month.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 6 In the Big Bear City Area, the sales to expired ratio for the last three years have been at a good level with sales and expired listings close to a 1:1 to 1:2 ratio. Where a 1:1 ratio is considered a good ratio for a stable market. In the Big Bear City Area in this price range there really isn’t enough sales or expired listings to give us a good read on this market in this price range. A better read would be for you to look at the Total Big Bear Market in this price range.
.